Shiba Inu (SHIB) Market Cracked on Sunday, But Key Indicators Revealed Opportunities for Bullish Traders

The second-largest memecoin, also popularly referred to as the Dogecoin (DOGE) Killer, plunged more than 3% in the last 24 hours

Shiba Inu (CRYPTO: SHIB) price fell on Sunday evening as the market experienced a downturn, but readings from key indicators pointed to opportunities for bullish traders.

What Happened: The second-largest memecoin, also known as the Dogecoin (CRYPTO: DOGE) Killer, declined over 3% in the last 24 hours, while trading volumes also spiked by 8.15% during the same period.

However, crucial technical indicators flashed a buy signal for bulls, according to TradingView.

One of the most followed gauges, the Relative Strength Index (RSI), was below 30, which is interpreted as the oversold zone. This usually indicates that the coin is undervalued, presenting a lucrative buying opportunity for investors.

Similarly, the Momentum Indicator, which compares the current price with the previous price from several periods ago, pointed to a buying opportunity.

See Also: Is The ‘Meme Coin Super Cycle’ Over? Trader Outlines Pros And Cons

Why It Matters: The bullish projections come amidst a slight uptick in SHIB's burn rate over the last 24 hours.

Around 12.9 million coins were removed from circulation, marking an increase of 19%, according to the official burn tracker.

The rise was likely due to increased on-chain activity, as daily active addresses rose by 33.59% in the last 24 hours, according to IntoTheBlock.

Price Action: At the time of writing, SHIB was trading at $0.00001751, down 3.45% in the last 24 hours, according to data from Benzinga Pro.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-market-cracked-sunday-key-indicators-revealed-opportunities-bullish-traders.html

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