Shiba Inu [SHIB] one of the top meme coins has been witnessing a massive downfall. The asset was trading at $0.00001314 following a 15% daily drop. Just yesterday, SHIB was trading at around $0.0000155. The market has been in a slump and certain investors have been ‘buying the dip.’ But this accumulation phase could be nearing its end.
Amidst this, analyst Crypto Sheriff points out that SHIB is still in the accumulation period. There is less volatility at this time, and traders consolidate their holdings. According to Sheriff’s post, the Relative Strength Index (RSI) for SHIB is now at 25.04 way below the oversold level of 30. With an RSI at this low, SHIB may be oversold. This is a sign that the selling pressure may have peaked and a price reversal may be imminent.
The tweet revealed that SHIB could be approaching the conclusion of its accumulation period. This might result in further volatility in the market. In the past, as purchasing momentum increases, these stages may come before bullish movements. The analyst’s graphic points to a potential bounce back over $0.000045, the annual high.
Also Read: Cryptocurrency Market: Shiba Inu & Dogecoin Fall 15%
Shiba Inu Addresses That Were Holding SHIB for More Than a Year Increases
The market seems to be optimistic about the meme coin. Despite its latest performance, investors continue to trust SHIB. Over the last six months, there has been a rise in the number of wallets holding SHIB for more than a year, according to data from IntoTheBlock. As of 1 Jan. 2024, the data indicates that there were around 995,440 addresses in this category. In addition, on July 1, 2024, the number rose to 1.03 million. This shows that throughout the last six months, the number of wallets holding SHIB for more than a year has climbed by 34,560 which is 3.47%.
Also Read: Shiba Inu: What’s The Maximum High SHIB Can Reach in 2024?
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