Shiba Inu (SHIB) Drops by 15% in 2 Weeks: These Factors Suggest Extended Correction
Release: 2024/12/19 02:24 Reading: 317
TL;DR
Shiba Inu's value has dropped significantly, with declining burn rates and substantial transaction volumes indicating ongoing bearishness.
However, reduced exchange reserves and SHIB's RSI approaching oversold levels hint at a possible recovery soon.
Downward Trend
The past two weeks have witnessed mixed performance among cryptocurrencies. Bitcoin (BTC) and Ethereum (ETH) surged, while Shiba Inu suffered losses of over 15%, currently trading around $0.00002575.
Bearish indicators include a decline in the meme coin sector, a weakened burn rate, and a high transaction volume.
Potential for Recovery
Despite the bearish outlook, some indicators suggest potential for recovery.
- Shiba Inu's exchange reserves have dropped significantly, signaling a move towards self-custody.
- The Relative Strength Index (RSI) is nearing oversold territory, indicating a potential buying opportunity.
The article from CryptoPotato highlights the factors influencing Shiba Inu's recent performance and provides insights into its potential future trajectory. src="/uploads/20241219/1734552020676329d442b7e.png">
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