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Shiba Inu price prediction – All about SHIB’s latest buy opportunity

  • Despite its recent pricing woes, SHIB’s long-term outlook remains optimistic
  • The key on-chain indicator of SHIB also issued a buy signal

According to key technical indicators seen on its weekly chart, the leading memecoin Shiba Inu (SHIB) is poised for a long-term rally, despite its recent price woes.

At the time of writing, the altcoin was valued at $0.000025. According to CoinMarketCapits value fell 20% in just over a month.

SHIB prepares for takeoff

The first indicator worth mentioning here is SHIB’s Moving Average Convergence/Divergence (MACD), which tracks market trends and changes in price dynamics. At press time, the coin’s MACD line (blue) was above its signal line (orange).

This is considered a bullish sign and traders often interpret it as a sign to go long and exit short positions.

Additionally, despite recent price woes, SHIB momentum indicators have highlighted sustained demand for the memecoin. Its relative strength index (RSI) stood at 60.77, while its money flow index (MFI) showed a reading of 69.82. At these values, these indicators suggest that SHIB traders are favoring the accumulation of the coin rather than its distribution.

Confirming market participants’ preference for SHIB accumulation, its accumulation/distribution line (A/D line) was also on an upward trend, at press time.

This metric measures the cumulative flow of money into or out of an asset over a specific period. When it increases in this way, it indicates that more money is flowing into the asset due to an increase in buying pressure. In doing so, this confirms the possibility of a price rise on the charts.

SHIB 1D Trading View

Source: XRP/USDT on TradingView

SHIB whales immune to losses

Despite the double-digit drop in memecoin price over the past month, SHIB whales who hold between 100 and 1,000,000 SHIB coins have stepped up their hoarding practices.

In fact, at press time, that cohort of investors stood at 299,000, with an increase of 4% over the past 30 days, according to Santiment data.

These memecoin holders have also remained resilient, despite daily transactions involving SHIB continuing to generate losses. According to Santiment, SHIB’s daily trading volume ratio of profit to loss was 0.359.

In simple terms, this means that for every SHIB trade that resulted in a loss, only 0.359 trades ended in profit.


Is your wallet green? Check the SHIB Profit Calculator


Maybe it’s time to buy

Finally, on-chain data revealed that SHIB’s market value to realized value ratio (MVRV) issued a buy signal. According to SantimentSHIB’s MVRV ratios to the 30- and 365-day moving averages were -132% and -147%, respectively, at the time of writing.

MVRV Shiba Inu Report

Source: Santiment

The MVRV ratio tracks the ratio of an asset’s current market price to the average price of each coin or token acquired for that asset.

When it is thus negative, the asset in question is said to be undervalued. This means that the asset’s market value is lower than the average purchase price of all its circulating tokens, which many consider a good buying opportunity.

News Source : ambcrypto.com
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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe.Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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