CoinDesk Report:
Shiba Inu (SHIB) is one of the most popular meme coins and has witnessed a significant decline. The asset is trading at $0.00001314 after a daily decrease of 15%. Just yesterday, the trading price of SHIB was around $0.0000155. The market has been in a slump, with some investors consistently “buying the dips,” but this accumulation phase may be nearing its end.
During this period, analyst Crypto Sheriff pointed out that SHIB is still in an accumulation phase. With low volatility at this point, traders are consolidating their holdings. According to Sheriff’s post, SHIB’s Relative Strength Index (RSI) is currently at 25.04, well below the oversold level of 30. With RSI at this low point, SHIB may be oversold. This is a sign that selling pressure may have peaked, and a price reversal could be imminent.
The tweet reveals that the accumulation phase of SHIB may be coming to an end, potentially leading to further market fluctuations. Historically, these stages may precede bull markets as buying momentum strengthens. The analyst’s chart indicates a potential rebound to $0.000045, setting a new annual high.
Read also: Cryptocurrency Market: Shiba Inu & Dogecoin Drop 15%
Shiba Inu Addresses Holding SHIB for Over a Year Increase
The market seems optimistic about meme coins. Despite recent strong performance from SHIB, investors continue to trust it. According to data from IntoTheBlock, the number of wallets holding SHIB has been increasing for over a year in the past six months. As of January 1, 2024, the data shows around 995,440 addresses in this category. Furthermore, on July 1, 2024, this number rose to 1.03 million. This indicates that in the past six months, the number of wallets holding SHIB for over a year has increased by 34,560, or 3.47%.
Read also: Shiba Inu: How High Can SHIB Go in 2024?
