Shiba INU token, SHIB was among the star coins of 2021, but with the recent market pullback, the coin has lost 80% of its ATH value. Even though there are many investors that have lost a lot of money in the recent market pullback, what opportunities are there for the SHIB investor?
SHIB reached an ATH of $0.00008 in October 2021, but has since fallen to $0.00002. The coin has since made a support of the 1900 and 2000 levels and has made several fake breakouts from these levels even though they have been retested.
SHIB clearly moved to the oversold region according to the RSI indicator, with an RSI of 13 registered on January 22. This indicated that higher prices were imminent. On January 26, the RSI equaled 53. We shall be keeping an eye on that in our next report.
Shiba INU, also known as Dogecoin killer is also an investment alternative to DOGE, especially if the investor missed out of the Dogecoin pump of 2021. With notable personalities like Elon Musk and Vitalik Buterin rooting for and shilling the anonymously created SHIBA, it is likely to be among the resurgent coins if a bounce up is imminent in 2022.
Today’s market price shows that SHIB is up by 5.95% in the past 24 hours. There is a slight increase in the trading volume with the market showing increasing activity. It is a reflection of a general market outlook in the coin market with Bitcoin bouncing off the $33,000 market.
It is generally believed that with coin trading higher than the $30,000 main support that there are better times ahead for the market. Nevertheless, it is important to know that many meme coins could face serious sell-offs if the market enters another phase of downturn.