'Dogecoin Killer' Shiba Inu Falters — Here Is What These Key Indicators Reveal About Its Short-Term Prospects
Popular dog-themed coin Shiba Inu took a hit on Sunday as the market dropped, but key indicators show potential opportunities for optimistic traders.
What Happened:
The second-largest memecoin, known as the Dogecoin Killer, fell by more than 3% in the last 24 hours. Despite this drop, trading volumes went up by 8.15%. Key technical indicators point to a buy signal for investors interested in bullish trends, according to TradingView.
One popular measure, the Relative Strength Index (RSI), was below 30, which is considered oversold territory. This usually suggests that the coin is undervalued and could be a good buy. Another tool, the Momentum Indicator, compares current prices with those from the past and also indicates a buying opportunity.
Why It Matters:
These positive signals come when SHIB's burn rate has slightly increased over the last 24 hours. About 12.9 million coins were removed from circulation, marking a 19% increase, as per the official burn tracker. This rise is likely due to more on-chain activity, with daily active addresses going up by 33.59% in the last 24 hours, according to IntoTheBlock.
Price Action:
At the time of writing, SHIB was trading at $0.00001751, down 3.45% in the last 24 hours.
