Shiba Inu Price Nosedives, Key Indicator Say This

Shiba Inu Price Correction Signals Buying Opportunities

Shiba Inu (SHIB), a prominent meme cryptocurrency, has experienced a price dip in the last 24 hours, accompanied by a surge in trading volume.

Price Movement and Performance

Over the past 24 hours, SHIB's price has declined by 5.79%, with trading volume increasing by 47.77% to $202 million. Its market capitalization has decreased by nearly 6%, valuing SHIB at $10 billion and ranking it as the 12th largest cryptocurrency.

Long-Term Trend

Despite the recent correction, SHIB has shown strong growth since June 2023, rising by 113.34%. This compares favorably to Dogecoin's (DOGE) 74.84% increase during the same period.

Relative Strength Index (RSI)

The RSI indicator for SHIB suggests oversold conditions, indicating potential buying opportunities for investors.

Conclusion

While SHIB's price has corrected recently, the RSI indicator and its long-term growth trajectory indicate that the asset could present favorable buying opportunities for traders.