Shiba Inu (SHIB), a digital asset inspired by memes, has been drawing attention in the cryptocurrency market as analysts and investors make predictions about a potential trend reversal. The daily chart indicates that SHIB is travelling along a strong support level at $0.00001. The trade volume has been slowly declining, which can be a sign that the trend is about to reverse. Additionally, the relative strength index (RSI), which is currently at 40, offers additional details about the asset’s potential future trajectory.
It is possible to infer from the drop in trade volume that the selling pressure on SHIB is easing. When trading activity decreases, it typically means that fewer traders are actively trading.
This may indicate that bears are losing control over the asset, which would pave the way for a potential trend reversal. It’s feasible that purchasers may reclaim control when the selling pressure eases, driving SHIB’s price higher.
SHIB’s RSI is currently reading 40, which places it in a neutral area with a small tendency towards oversold territory. This may indicate that the selling pressure on SHIB is lessening and that buyers are about to enter the market again, which would reverse the asset’s trajectory.
The asset can see a trend reversal if SHIB can hold its support level at $0.00001 and the trading volume keeps dropping. However, it is important to keep in mind that meme assets like Shiba Inu or Dogecoin are extremely volatile and unpredictable, and a variety of factors can affect how much money is worth.
