Shiba Inu (CRYPTO: SHIB) was trading about 5% lower at press time, which represented somewhat of a recovery from the 27% decline the crypto had suffered earlier in the 24-hour trading period.
The cryptocurrency sector took a turn for the worse Wednesday evening, with Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and retail favorite Dogecoin (CRYPTO: DOGE) plummeting 12%, 18% and 23%, respectively, which brought the three cryptos to 52-week lows.
Shiba Inu narrowly avoided printing a new all-time low before bouncing up and may avoid that fate for the immediate future because the crypto looks set for a bigger bounce over the coming days.
The crypto’s relative strength index (RSI) is measuring at about 24%, which puts the stock in deep oversold territory.
RSI is an indicator technical traders use to measure bullish and bearish price momentum. RSI levels can range between 0 and 100, with levels between 30 and 70 generally considered to …
Full story available on Benzinga.com