Crypto
SHIB Squeeze Momentum Fades as Analyst Warns of Mean-Reversion
SHIB has been riding a $3 billion short-squeeze wave to the $0.000005 handle, but its momentum is showing signs of exhaustion.
The token's RSI stands at 67.81 and stochastics are pinned at 98.88, historically a kiss of death for meme-coin momentum.
Analyst Rongchai Wang notes that SHIB didn't rally because it deserved to; rather, it was fueled by Bitcoin's $72,000 price surge on August 19-20, which saw roughly $3 billion in leveraged short positions force-liquidated.