Shiba Inu Price Prediction as SHIB Tumbles 5.1% Overnight – Time to Buy the Dip?

cryptonews.com:

SHIB has dived by 5% today, with the Shiba Inu price sinking to $0.00002377 as the market as a whole takes a 0.8% cut in the past 24 hours.

The meme token is also down by 5% in a week, as well as by 7% in a fortnight.

However, it holds onto an impressive 170% gain in a year, and with the token having plenty of medium- and long-term momentum, it could easily bounce very soon.

This is particularly the case in view of its relatively strong fundamentals, which suggest that the market is undervaluing the token right now.

Based purely on technicals, SHIB should rebound very soon, with the coin well into oversold territory.

Its RSI (purple) has crashed to 30 in the past few hours, following a very large sell order that you can see in the coin’s volume chart below.

Also depressed is SHIB’s 30-day average (orange) which is falling even further below its 200-day (blue), meaning that the coin is nearing the point where it should become attractive again to buyers.

What we’re also nearing is the point where the meme token’s support (green) and resistance (red) levels collide with each other, an occurrence which generally invites a big move.

What’s discouraging is that SHIB’s 24-hour volume is still ridiculously low, at about $500 million today, as opposed to $2 billion a week ago and nearly $15 billion back in March.

This indicates a distinct lack of interest in the token, although hopefully, its decline today will encourage some big traders to buy the dip.