Shiba Inu remains oversold amid the ongoing crypto crash, according to one Relative Strength Index (RSI).
As shared by CryptoQuant, SHIB has an RSI level of 17, with anything below a 30 being considered oversold.
This comes as SHIB added a zero to the Shiba Inu price last week, as the general crypto market and NFT market crashed.
Shiba Inu RSI Indicates Oversold
Sharing its RSI level with Bitcoin, Shiba Inu remains in the oversold position on the Relative Strength Index.
According to CryptoQuant, this indicates that “83% of price movement in the last two weeks have been down and a trend reversal can occur.”
This selling pressure is also recorded in the amount of SHIB held on exchanges. While still massively down on the amount held prior to SHIB reaching its all-time high, the amount has slowly increased since the start of June. Meanwhile, Coinbase states that 72% of trading activity on its platform has been to buy SHIB.
Of course, this should not be taken as any guarantee, nor signal that the Shiba Inu price will recover. Crypto - and the entire stock market - remain volatile amid this bear market and period of uncertainty. Other analysts have varying RSI levels for SHIB, with Investing.com’s RSI being neutral. TradingView puts SHIB’s RSI at 25.
Similar RSI levels are in place across the crypto market. Ethereum entered the oversold RSI level in mid-June for the first time since 2018, according to CoinTelegraph.
The overall crypto market sell-off, which has seen the global crypto market cap drop beneath $1 trillion, has caused immense uncertainty among all crypto communities, including SHIB. Shiba Inu remains down some 90% from its all-time high in October 2021.
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