Shiba Inu RSI Level Remains Oversold Amid Crypto Crash
SHIB has witnessed a lot of selling after the bitcoin meltdown.
According to one Relative Strength Index, the Shiba Inu is still oversold during the latest crypto meltdown (RSI).
SHIB has an RSI of 17, according to CryptoQuant, with anything below 30 being deemed oversold.
As the overall crypto market and the NFT market fell last week, SHIB added a zero to the Shiba Inu price.
The Shiba Inu RSI indicates that the market is oversold.
Shiba Inu stays in the oversold position on the Relative Strength Index, sharing its RSI level with Bitcoin.
This means that "83 percent of price movement in the previous two weeks has been down, and a trend reversal is possible," according to CryptoQuant.
The amount of SHIB kept on exchanges reflects this selling pressure. While the amount held prior to SHIB achieving its all-time high is still significantly lower, it has gradually climbed since the beginning of June. Meanwhile, Coinbase claims that SHIB has accounted for 72 percent of trade activity on its platform.
Of course, this is not a guarantee or an indication that the Shiba Inu price will rebound. During this bear market and moment of uncertainty, crypto - and the broader stock market - remain volatile. RSI readings for SHIB fluctuate across experts, with Investing.com's RSI being neutral. SHIB's RSI is set at 25 by TradingView.
RSI readings are similar across the crypto market. According to CoinTelegraph, Ethereum reached the oversold RSI level in mid-June for the first time since 2018.
The worldwide crypto market sell-off, which has seen the global crypto market value fall below $1 trillion, has created a lot of worry among the crypto community, especially SHIB. The Shiba Inu is still down 90% from its all-time high in October 2021.