{"id":13059,"date":"2022-05-12T23:38:12","date_gmt":"2022-05-12T23:38:12","guid":{"rendered":"https:\/\/harchi90.com\/shiba-inu-attempts-recovery-with-dogecoin-bitcoin-why-a-bigger-bounce-may-come\/"},"modified":"2022-05-12T23:38:12","modified_gmt":"2022-05-12T23:38:12","slug":"shiba-inu-attempts-recovery-with-dogecoin-bitcoin-why-a-bigger-bounce-may-come","status":"publish","type":"post","link":"https:\/\/harchi90.com\/shiba-inu-attempts-recovery-with-dogecoin-bitcoin-why-a-bigger-bounce-may-come\/","title":{"rendered":"Shiba Inu Attempts Recovery With Dogecoin, Bitcoin: Why A Bigger Bounce May Come"},"content":{"rendered":"
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Shiba Inu<\/strong> SHIB \/ USD<\/span> 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.<\/p>\n

The cryptocurrency sector took a turn for the worse Wednesday evening, with Bitcoin<\/strong> BTC \/ USD<\/span>, Ethereum<\/strong> ETH \/ USD<\/span> and retail favorite Dogecoin<\/strong> DUKE \/ USD<\/span> plummeting 12%, 18% and 23%, respectively, which brought the three cryptos to 52-week lows.<\/p>\n

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.<\/p>\n

The crypto’s relative strength index (RSI) is measuring at about 24%, which puts the stock in deep oversold territory.<\/strong><\/p>\n

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 be healthy.<\/strong><\/p>\n

When a stock’s RSI falls below the 30% level, it’s considered to be oversold. When a stock enters oversold territory, it indicates the securities price no longer reflects the asset’s true value, which can signal a reversal to the upside is in the cards.<\/p>\n

When a stock’s RSI rises above the 70% area, it is considered to be overbought. When a stock enters overbought territory, it signals the securities price is elevated to its intrinsic value, which can signal a reversal to the downside is on the horizon.<\/p>\n

RSI is best used when combined with other signals and patterns on a stock chart because stocks can remain in oversold and overbought territory for an extended period of time before reversing.<\/p>\n

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The Shiba Inu Chart:<\/strong> Shiba Inu is trading in a downtrend, with the most recent lower high printed on May 1 at the $ 0.00002216 mark and the most recent confirmed lower low formed at $$ 0.00001840 on April 30. Thursday’s low-of-day may become the next lower low within the pattern but Friday’s candle will need to print for confirmation.<\/p>\n