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Shiba Inu risks drop with SHIB's 574% October's price rally near exhaustion
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Shiba Inu (SHIB) may see a pullback by almost 25%–35% on fears that the cryptocurrency's excessive price rally in October has left it overvalued, a key indicator shows.
Dubbed the Relative Strength Index (RSI), the indicator measures the magnitude of an instrument's recent price changes to evaluate its oversold and overbought conditions. The result can be anywhere between the number 0 and 100, with a reading below 30 showing the instrument's oversold and above 70 showing its overbought status.
SHIB crossed above 70 on Oct. 3 and peaked around 94 three days later. Ideally, its overbought reading could have resulted in a price correction. But SHIB continued its rally as the monthly session progressed, eventually rising over 574% to its
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