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Shiba Inu in a downward trend: When will the hoped-for trend reversal come?
Shiba Inu (SHIB) is struggling with price declines and possible trend reversal. Latest market data and RSI analysis at a glance.
Shiba Inu in a downward trend: When will the hoped-for trend reversal come?
In the last 48 hours, over 120 billion Shiba Inu (SHIB) were transferred to various exchanges. This increase in active trading has led to increased selling pressure, which has once again contributed to a decline in the price of the cryptocurrency. Shiba Inu is currently sold at a price of$0.000008617traded, representing a decline of2.32%within the last 24 hours. At the same time, the trading volume has increased$134.5 millionaround22.85%taken off. The broader cryptocurrency market is going through a period of risk aversion, adding further stress to the situation.
Technical analysis shows that the Relative Strength Index (RSI) for Shiba Inu is at39.92on the one-hour scale,36.68on the 24 hour scale and35.51is on a weekly basis. All values are above the overwritten threshold of30, meaning Shiba Inu could potentially approach further declines before entering an oversold state. However, such a condition could also trigger price reversals should technical signals indicate a possible upward consolidation.
Market analysis and outlook
Analysts describe the current market situation as physical - there is a probability that SHIB will continue to fall, especially if the price does not reach the critical point of$0.00000879regains. If the downward trend continues, the...$0.0000075Support line can be jeopardized. These potential declines create an uncertain playing field for investors hoping for a recovery.
However, market watchers are optimistic about possible reversals as signs of flattening volatility and sharp liquidation are seen. These indicators suggest that the Shiba Inu price decline may be coming to an end and conditions may soon improve. At the same time, there is no burning activity in the last 24 hours, which could not trigger any significant changes for SHIB.
In order to benefit sustainably from the current market situation, investors need significant price surges to initiate a stable upward trend.
For more information please read the full article UToday.