Shiba Inu (SHIB) has experienced a significant downturn, reaching its lowest value in four months. However, an analysis of the Relative Strength Index (RSI) suggests the possibility of a market rebound for this popular meme coin.
In the past 24 hours, the cryptocurrency market has witnessed substantial declines, particularly among altcoins. Despite Bitcoin's (BTC) brief dip below $92,000, it is the altcoins that have borne the brunt of these losses. Shiba Inu (SHIB) is among the most affected, with its value plummeting to $0.00001284, marking the lowest since September last year. Despite this, some recovery has been observed, as SHIB currently trades around $0.00001443, representing a 17% decline over the day.
In spite of the prevailing bearish conditions, the SHIB Relative Strength Index (RSI) indicates a potential market reversal. The RSI, ranging from 0 to 100, helps traders assess whether an asset is oversold or overbought.
The index recently dropped to 16, signaling that SHIB may be undervalued and could experience a short-term rally. Furthermore, SHIB's exchange netflow has predominantly turned negative over the past week. This suggests a shift from centralized platforms to private wallets, which might ease immediate selling pressure.
The market capitalization for the meme coin segment stands at approximately $75 billion, reflecting a significant 17% drop within 24 hours. Notable losses have been recorded by coins such as Pepe (PEPE), Bonk Inu (BONK), Floki (FLOKI), dogwifhat (WIF), and Brett (BRETT), each experiencing declines exceeding 20% in this timeframe.
Meme coins like Official Trump (TRUMP) and Melania Meme (MELANIA), which previously captured attention in late January, have also suffered declines. TRUMP has fallen out of the top three meme coins, while MELANIA's market cap, which previously surpassed $2 billion last month, now rests at $220 million.
Meanwhile, Fartcoin (FARTCOIN), AI Rig Complex (ARC), and Elon4AfD (ELON4AFD) have been among the few that registered gains during this period.