The price of Shiba Inu (SHIB) has dipped to $0.00000727 today, dropping by 0.5% as the wider cryptocurrency market falls by 1.2% in the past 24 hours.
SHIB is now flat in the last seven days but down by 9% in the past month, with the famous meme token also down by 10% since the beginning of the year (whereas many major tokens are up since January).
The coin's movements today comes as its 24-hour trading volume rises beyond $100 million, indicating an increase in market activity that may help it rebound soon enough.
SHIB's indicators remain in a subdued state, with the general message being that the coin remains oversold and should, in theory, rebound in the not-too distant future.
This is the impression created by the coin's relative strength index (purple) which continues to struggle to rise beyond 40, yet which also creates the signals that a rally is overdue.
Similarly, SHIB's 30-day moving average (yellow) has been below – well below – its 200-day average for several months now, meaning that the meme token really should rebound upwards in the coming weeks.
It's also encouraging to note that SHIB's medium-term support level (green) has risen steadily upwards in recent days, implying that it has hit a bottom and should be able to bounce back soon.
Such a possibility is hinted at by recent whale transfers, with Whale Alert recording a couple of significant transfers off Bitavo at the beginning of the month, on September 2 and September 4.
This could be taken to mean that whales are currently stocking up on SHIB, perhaps in the expectation that it will rally from its very undervalued position.
It's also worth pointing out that, unlike many other meme tokens, SHIB has been able to point to the strengthening of its fundamentals inRead more on cryptonews.com