'Dogecoin Killer' Shiba Inu Soars 90% In A Single Day — But These Indicators Are Flashing 'Sell'
Portfolio Pulse from Mehab Qureshi
Shiba Inu (SHIB), labeled as the 'Dogecoin Killer,' has seen a dramatic 90% increase in value within 24 hours, outperforming peers like Dogecoin, Pepe, and BONK, as well as major cryptocurrencies Bitcoin and Ethereum. This surge has pushed SHIB back into the top 10 cryptocurrencies by market cap, reaching $25 billion. Despite the rapid growth, indicators such as the Relative Strength Index (RSI) suggest SHIB is overbought, hinting at a potential upcoming sell-off.
March 05, 2024 | 4:28 am
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Shiba Inu's value surged by 90% in 24 hours, propelling it into the top 10 cryptocurrencies by market cap. However, technical indicators like the RSI suggest it is overbought, indicating a potential sell-off.
The significant price increase of SHIB, coupled with its re-entry into the top 10 cryptocurrencies, highlights its short-term growth. However, the overbought status based on RSI and other technical indicators strongly suggests a potential short-term price correction.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Despite Shiba Inu's recent surge, Dogecoin maintains a higher market cap, indicating a strong position in the meme cryptocurrency market.
Dogecoin's market cap remains higher than Shiba Inu's despite SHIB's recent gains, suggesting DOGE's sustained popularity and stability in the meme cryptocurrency sector.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50