- Shiba Inu’s 30-day MVRV, however, was -19.43%, indicating that most holders were losing money.
- The total number of accounts on the Shibarium network has reached a record high of 222,460, marking an important milestone.
Shiba Inu (SHIB) price has been bullish since September. SHIB has been taking support on an ascending trendline. Amid this bullish trend, the price has attempted many times to surpass the major resistance level of $0.0000290 but couldn’t. Moreover, it managed to exceed it but failed to sustain.
On Shiba Inu’s daily chart, the TD Sequential indicator indicated a possible buy signal. This indicator helped traders predict a possible uptrend by highlighting potential reversal points.
A green candlestick, suggesting a new uptrend, followed the signal. SHIB’s price had been trading near the $0.00002307 mark, offering a chance to rise toward the chart’s Fibonacci retracement levels.
Monthly MVRV For SHIB Decreased
The 30-day MVRV for Shiba Inu dropped sharply, hitting -20%, indicating that most SHIB holders were losing money as the MVRV ratio fell below zero.
Such low MVRV levels have historically been associated with less sell pressure, suggesting that holders are reluctant to sell at a loss. The downtrend’s recent halt raised the possibility that SHIB had reached a local bottom.
A short-term price recovery may be triggered if the MVRV ratio starts to increase, which could indicate that accumulation is starting.
As market sentiment changes and holders search for a recovery, it may be profitable to expect an increase in SHIB’s price while aiming for levels seen prior to the decline.
This situation supported the finding that a rise in MVRV, which is fueled by rekindled buying interest and a decreased desire to sell at lower prices, frequently occurs before price increases.
SHIB Price Chart Signals Bullish Forecast; Could it Gain 40% Ahead?
Shiba Inu coin was trading at $0.000023 at press time which has remained neutral over the past 24 hours. The market capitalization was $13.71 Billion and the 24-hour trading volume was $722.09 Million.
Based on the chart structure, the price has formed two consecutive candlesticks on the trendline. Suppose the price surpasses the 20-day EMA, strong buying momentum can be anticipated. If the price holds over the 20-day EMA, SHIB price may witness a bullish rally of 40%.
Conversely, if the Shiba Inu coin price dives below the trendline, sellers may dominate. The below trendline could generate a panic situation among buyers. It might trigger profit booking momentum which may result in massive selling pressure.
SHIB Price Bullish Rally Analysis
Shiba Inu is currently positioned in a buying zone, with the potential for a significant bullish rally if certain conditions are met. The recent indicators suggest a possible reversal, although the majority of holders are currently at a loss, as reflected by the -19.43% 30-day MVRV.
With the Shibarium network reaching a record number of accounts and the price attempting to break above the resistance level, there is optimism that SHIB could rebound. If it can trade above the 20-day EMA, a price increase of up to 40% is feasible.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.