The Shiba Inu Token finally joined the memecoin hype and took it to a whole new level – or did it? The doggo inspired token has recently gained significant attention in the world of digital currencies for all the wrong reasons as the selling pressure dominated $SHIB leading to a heavy downward spiral. It has suffered a 45% loss in value over the past 4 months due to market sellers dumping it.
Despite the ongoing bearish trend, there are still many investors who believe in the potential of the Shiba Inu token. And a few days ago, according to IntoTheBlock data, a large whale bought more than 10.25 trillion $SHIB tokens.
SHIB is on a path to reaching a 52-week low
Shiba Inu’s price is currently moving at 0.000008861, with a 1.8% overnight drop. Due to seller congestion, the weekly chart shows an exceedingly bad scenario for the second largest memecoin in the crypto sector.
SHIB’s price has dropped 12.2% in just two days this week. There is no potential support until it reaches its 52-week low. Buyers may see a trend reversal in the demand range of $0.00000800 to $0.0000754.
On the weekly time frame, the Money Flow Index (MFI) declined to the 40 level (long-term support). As of now, it remains at the level of 30, suggesting a sharp reduction in money flows from the market.
RSI reached in Oversold Zone; trend reversal?
Shiba Inu’s price is currently exceedingly weak, trading significantly below the essential simple moving averages such as 20,50,100, and 200.
After reviewing the current RSI trend, buyers can take a big breath. After a long time span, the RSI peak is now moving into the highly oversold zone. As a result, buyers may see a trend reversal soon if the RSI peak bounces back.
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