A popular Shiba Inu dog-themed coin Shipp/US Dollar Sunday cracked as the market fell, but readings on major indicators revealed opportunities for bullish traders.
What Happened: The second largest coin is Memcoin, also referred to as Dogecoin Doji/USD Killer stock is down more than 3% in the past 24 hours, with trading volumes up 8.15% at the same time.
However, crucial technical indicators have given a buy signal to bulls, according to TradingView.
One of the most popular metrics, the Relative Strength Index (RSI), was below 30, which was interpreted as oversold. This usually indicates that the currency is undervalued and therefore a profitable purchase for investors.
Likewise, the momentum indicator, which compares the current price with the previous price from several periods ago, indicates a buying opportunity.
SEE ALSO: Is the ‘Meme Coin Supercycle’ over? The trader determines the pros and cons
Why it matters: The bullish outlook comes amid an uptick in SHIB’s burn rate over the past 24 hours.
About 12.9 million coins were taken out of circulation, representing a 19% increase, according to the official burn tracker.
The rise is likely due to increased activity on-chain, with daily active addresses up 33.59% in the past 24 hours, according to IntoTheBlock.
Price Action: At the time of writing, SHIB is trading at $0.00001751, down 3.45% in the past 24 hours, according to data from Benzinga Pro.
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