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Benzinga – Popular dog-themed coin Shiba Inu (CRYPTO: SHIB) cracked on Sunday as the market fell, but readings from key indicators revealed opportunities for bullish traders.
What Happened: The second-largest memecoin, also popularly referred to as the Dogecoin (CRYPTO: DOGE) Killer, plunged more than 3% in the last 24 hours, with trading volumes spiking 8.15% at the same time.
That said, crucial technical indicators flashed a buy signal for bulls, according to TradingView.
One of the most popular gauges, the Relative Strength Index (RSI), was below 30, interpreted as oversold territory. This typically indicates that the coin is undervalued, and thus a lucrative buy for investors.
Similarly, the Momentum Indicator, which compares the current price with the previous price from several periods ago, indicates a buying opportunity.
See Also: Is The ‘Meme Coin Super Cycle’ Over? Trader Outlines Pros And Cons
Why It Matters: The bullish projections come amid a slight uptick in SHIB’s burn rate over the last 24 hours.
About 12.9 million coins were kicked out of circulation, marking a 19% increase, according to the official burn tracker,
The rise was likely due to increased on-chain activity, as daily active addresses rose 33.59% in the last 24 hours, according to IntoTheBlock.
Price Action: At the time of writing, SHIB was trading at $0.00001751, down 3.45% in the last 24 hours, according to data from Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Fall On Investor Worries: Analyst Warns Of King Crypto’s Dip Below $60K
Photo courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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