Is Shiba Inu preparing to bounce back after the recent sell-off?

Shiba Inu is making bold strides beyond its image as a meme coin. This comes alongside the recent beta of Shib Alpha Layer, a privacy-focused rollup stack built on Fully Homomorphic Encryption. Created in collaboration with the encryption company ZAMA, this technology allows smart contracts to process encrypted data without revealing sensitive information. As a result, it unlocks the potential of dApps in healthcare, finance, and more. This layer consolidates various RollApps into a unified interface on Shibarium, enhancing scalability and practicality. However, despite this leap in utility, the price of Shiba Inu is still under pressure. The sell-off of 211 million SHIB shook the market yesterday, overshadowing the bullish narrative. Keep an eye on this Shiba Inu price analysis as I examine the current price movements. Shiba Inu price analysis (SHIB) Shiba Inu at the time of the press report is being traded at $0.00001171, with a decrease of 1.36% in the last 24 hours and a sharper decline of 12.68% over the week. Its market capitalization has decreased to $6.9 billion, while the daily trading volume fluctuates around $153.42 million, indicating a small decrease of 0.60%. On the 4-hour chart, SHIB is struggling below the midpoint of the 20-period SMA Bollinger Bands at $0.00001194. The price hugging the lower Bollinger Band reflects ongoing selling pressure. However, a slight recovery from $0.00001152 indicates buying interest responding. The RSI is at 42.30, inching up from the oversold level, indicating initial signs of a bullish divergence. However, the RSI being below the neutral level of 50 shows that sellers still have the upper hand. Technically, I believe a breakout above $0.00001194 would be the first bullish signal. Conversely, a drop below $0.00001137 could open the door to the psychological support area at $0.00001100.