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 comes off as one of the worst hits this period with its price currently down by 8.88% in the past 24 hours to $0.000009672. For weeks, Shiba Inu traded above the $0.00001 price benchmark, and per the current outlook, bears are overpowering the token’s bulls.
This price slump has further dragged Shiba Inu into the abyss, with the weekly performance masked by a 9.91% drawdown. Despite this price plunge and other network gloom like the drop in burn rate as showcased by data from Shibburn, the worst may actually be over for the meme coin protocol.
As showcased 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. This effectively means that investor action may change in the coming days and a reaccumulation will return as the drawdown cannot possibly get worse.
This potential trend shift is also signaled by the Bollinger Bands. Shiba Inu is trading around the lower bands with a likelihood to reverse course in due time.
Shiba Inu prepared for shift
Shiba Inu is one of the top assets with moldable volatility, which can easily be turned into strength in quest for recovery. With a dedicated community in pursuit of real products through the advent of Shibarium, Shiba Inu has the right fundamentals to support any growth push the token will take moving forward.
Historically, Shiba Inu is known to have a good record with recovery, and this sets it apart from its meme coin rivals, especially the new cohorts that have generally diluted investors’ capital injection into them.
