The cryptocurrency market has taken a significant hit, but for Shiba Inu (SHIB), changes might be on the horizon due to certain indicators and the upcoming launch of the TREAT token.
Current Cryptocurrency Market Situation
In the last 24 hours, the cryptocurrency market capitalization has plummeted by 5.5%, now standing below $3.3 trillion. Leading cryptocurrencies, including Bitcoin, Ethereum, Ripple, and others, have experienced declines. The meme coin Shiba Inu is also among the losers, with its price dropping 7% to around $0.00002023 according to CoinGecko data.
Key Indicator for Shiba Inu
Despite the bearish market landscape, Shiba Inu’s Relative Strength Index (RSI) signals opportunities for bulls. The RSI ranges from 0 to 100, and any value below 30 may indicate the asset is oversold and undervalued, representing a potential buying opportunity. Over the past five days, the RSI has ranged between 30 and 55, recently dropping to as low as 29.
Additional Factors Affecting SHIB
Another factor suggesting a short-term rally for SHIB is the asset’s exchange netflow. According to CryptoQuant, SHIB outflows have significantly surpassed inflows in the past week, potentially reducing selling pressure. The launch of the TREAT token, part of the Shiba Inu ecosystem, is also scheduled for later this week. This development could spur community enthusiasm and drive SHIB’s price higher.
Despite recent market challenges, indicators such as RSI and the TREAT launch point to potential positive changes for Shiba Inu.
