Shiba Inu (SHIB) loses zero, but is the worst over?

Shiba Inu (SHIB) loses zero, but is the worst over?

Shiba Inu (SHIB) has lost its hard-earned zero as the broader digital currency ecosystem took a major hit, sending Bitcoin (BTC) and altcoins to multi-week lows. Shiba Inu is presented as one of the worst results of this period with its price. currently down 8.88% in the last 24 hours at $0.000009672. For weeks, Shiba Inu has been trading above the reference price of $0.00001 and based on the current outlook, bears are dominating bulls on the token.

Shiba Inu (SHIB) has lost its hard-earned zero as the broader digital currency ecosystem took a major hit, sending Bitcoin (BTC) and altcoins to multi-week lows. Shiba Inu is presented as one of the worst results of this period with its price. currently down 8.88% in the last 24 hours at $0.000009672. For weeks, Shiba Inu has been trading above the reference price of $0.00001 and based on the current outlook, bears are dominating bulls on the token.

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Shiba Inu faces first big drama of 2024, here’s what SHIB holders need to know

This price drop has dragged Shiba Inu further into the abyss, with the weekly performance masked by a 9.91% drop. Despite this price drop and other network concerns such as the drop in burn rate, as shown by Shibburn data, the worst may be over for the meme coin protocol.

As shown by the SHIB/USDT 4H chart seen on TradingView, Shiba Inu’s Relative Strength Index (RSI) has fallen to 29.25, well below the “oversold” range. In practice, this means that investor action may change in the coming days and a reaccumulation will occur, since the drawdown cannot get worse.

SHIB/USDT chart by TradingView

This possible trend change is also indicated by the Bollinger Bands. Shiba Inu is trading in the lower bands and he is likely to change course in due time.

Shiba Inu ready for shift

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Shiba Inu (SHIB) Warning Alert: Shibarium Sees Dramatic Changes in 2024

Shiba Inu is one of the main assets with moldable volatility, which can easily become strength in search of recovery. With a community dedicated to finding real products through the arrival of Shibarium, Shiba Inu has the right fundamentals to support any growth momentum the token will take in the future.

Historically, Shiba Inu is known to have a good recovery track record, and this sets it apart from its meme coin rivals, especially the new cohorts that have generally diluted investors’ capital injection into them.

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