The price of Shiba Inu (SHIB) has declined by a slight 0.4% today, with its dip to $0.00000722 coming as the wider cryptocurrency market barely moves overall.
SHIB is now down by 2% in a week and by 9% in the last 30 days, with the token also down by 10.5% since the beginning of the year.
Such declines are likely to spark concern for SHIB holders and community members, with the token underperforming even despite the launch of layer-two network Shibarium a month ago.
However, it's entirely arguable that the meme token's falls are largely a function of market-wide negativity, with a return to more bullish conditions likely to provide it with a much-needed boost.
It's arguable that SHIB's little drop today only makes a comeback rally more overdue and even likelier, given how oversold the meme token has been in recent weeks and months.
The coin's 30-day moving average (yellow) has been well below its 200-day average (blue) for the past few months, indicating that it continues to be undervalued and sold at a big discount.
Additionally, SHIB's relative strength index (purple) has been below 50 since the middle of August, something which would suggest that the token is due to rebound sooner or later.
It will therefore be interesting to see whether its current support level (green) will hold out against today's dip, with $0.00000720 being a key level to watch.
If the coin does fall lower than this, then we could easily see further declines, potentially towards or even below $0.0000070.
However, the short-term picture aside, it remains credible to suggest that SHIB's fundamentals point towards a higher price for the medium- and long-term.
As noted above, it marked the successful launch of Shibarium at the end of August, and it's hearteningRead more on cryptonews.com