Shiba inu [SHIB] A top meme coin has seen a dramatic drop in value. Following a daily 15% drop, the asset’s price was $0.00001314. SHIB’s price was around $0.0000155 yesterday. The market has been in a slump and certain investors have been ‘buying the dip.’ The accumulation phase might be ending.
Analyst Crypto Sheriff informs us that SHIB remains in its accumulation phase. Traders consolidate their positions and there is less volatility. Sheriff’s posts reports that the Relative Strength Index is at 25,04 for SHIB. This is well below the level 30 which indicates oversold. SHIB’s RSI may indicate that the stock is oversold. The RSI may indicate that selling pressure has peaked, and price reverses may be on the horizon.
This tweet indicated that SHIB may be nearing the end of its accumulation period. The market could experience further volatility. In the past these phases may have preceded bullish movement as purchasing momentum increased. Analyst’s graph indicates a possible bounce over the $0.000045 annual high.
Also Read: Cryptocurrency Market: Shiba Inu & Dogecoin Fall 15%
Shiba inu addresses that were holding SHIB back for more than a year increases
The market appears to be positive about meme coins. SHIB continues to be trusted by investors despite recent results. According to data from IntoTheBlock, the number wallets that have held SHIB more than a full year has increased over the past six months. Data from IntoTheBlock shows that around 995 440 addresses were in this category as of January 1, 2024. The number increased to 1,03 million on July 1 2024. It shows that in the six-month period, wallets with SHIBs for over a year have increased by 34,560 or 3.47%.
Also Read: Shiba Inu: What’s The Maximum High SHIB Can Reach in 2024?
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Source: watcher.guru
