SHIB has dropped by 5% in the past 24 hours, with the Shiba Inu price slipping to $0.00001769 as the wider crypto market takes a 3.5% hit today. The meme token is now also down by 18.5% in the past week and by 32% in the last 30 days, although it holds onto a 140% increase in the past year.

Given that SHIB hasn't taken a lot of punishment in recent weeks, it's now in a good position to rebound in the near future.[1][2][3][4][5] Indeed, transfer data suggests that whales have begun accumulating the coin again, taking advantage of its discounted price.

SHIB looks pretty weak right now, but the implication of this is that it can take only so many losses before its reduced price begins to entice buyers all over again.[1][2][3][4][5] Its indicators would also suggest that it's due a rebound very soon, with its relative strength index (purple) bouncing from a low of 30 earlier this morning.

Likewise, SHIB's 30-day moving average (orange) continues to fall below the 200-day average (blue), nearing a point when it has to bottom out and bring the coin back up. One negative feature of Shiba Inu's chart is that its resistance (red) and support (green) levels continue to decline in parallel, indicating an ongoing downtrend.

As noted above, there's some indication that large traders are already beginning to come to SHIB's aid.[1][2][3][4][5] This signals a growing belief that the Shiba Inu price is getting closer to a rebound, with market factors and fundamentals pointing to such a scenario.

SHIB is likely to remain one of the biggest meme coins in the market for quite some time to come, yet newer tokens may be a better bet for traders hunting quick market-beating gains. A strong candidate for doing just this is PlayDoge (PLAY), an ERC-20 token that has now raised $4.9 million in its rapidly expanding presale.