SHIB price up 75% in two weeks
On Monday, the meme token rose to $0.00002961, its best level since January 18, amid renewed buying interest in the cryptocurrency market. Before the pullback, SHIB's price fell nearly 80% from a record high of $0.00008870.
Nevertheless, the sharp price recovery also came close to triggering two classic sell signals. First, the daily SHIB Relative Strength Index (RSI), a technical indicator that ranges from 0 to 100, signaling whether an asset is overbought (RSI>70) or oversold (RSI<30), showed a near overbought condition after rising to 60.
Finally, the daily SHIB Relative Volatility Index (RVI), which measures the standard deviation of low and high prices, fell below 50, which is a sell signal. In an "ideal" scenario, traders close their long positions after the RVI falls below 40. At the time of publication, it was hovering around 48.
