3 Reasons Why Shiba Inu (SHIB) Might be Poised for a Rally

TL;DR Negative exchange netflows and an RSI near oversold levels suggest a potential price recovery for the meme ￰0￱ the other hand, the recent problems related to Shibarium and its weak activity signal that the pullback might be far from ￰1￱ SHIB Reclaim Its Former Glory? Despite its sporadic price increases, Shiba Inu (SHIB) has been on an evident downfall since the beginning of the ￰2￱ of this writing, it is worth approximately $0.00001223, representing a 42% decline from its value on the first day of ￰3￱ asset’s market capitalization has plunged to $7.2 billion, whereas top competitors like MemeCore (M) and Pepe (PEPE) have started closing the gap to it.

However, it’s not all doom and gloom for SHIB as three important factors suggest a rebound could be on the ￰4￱ Shiba Inu burn rate has exploded by over 200,000% in the past 24 hours, resulting in hundreds of thousands of tokens sent to a null ￰5￱ the USD equivalent of the destroyed stash is negligible, ongoing burns gradually reduce SHIB’s supply, which could drive its value higher if demand remains ￰6￱ on the list is the meme coin’s exchange netflow , which in the past week has turned ￰7￱ means that investors have switched from centralized platforms toward self-custody methods, thus reducing the immediate selling ￰8￱ Exchange Netflow,). The indicator, which measures the speed and magnitude of the latest price changes, recently dipped to 20, or its lowest level observed in the past three ￰9￱ below 30 signal that the asset has entered oversold territory and could be poised for a ￰10￱ the following hours, the RSI headed north but remains close to the bullish ￰11￱ RSI,) Might be Poised for a Rally appeared first on CryptoPotato .