Traders are increasingly confident in Shiba Inu Coin (SHIB) after a recent price dip. Following a monthly drop of 15.95%, many see this as a prime “buy-the-dip” opportunity. SHIB has already rebounded from a weekly low of $0.00001346 to its current price of $0.00001413, reflecting a 2.62% increase in the last 24 hours.
Whale Activity Sparks Interest
Large investors, known as “whales,” have taken notice of SHIB’s recent price movements. Data shows that the Market Value to Realized Value (MVRV) ratio indicates SHIB is currently undervalued. Specifically, the 30-day MVRV ratio stands at -1.7%, while the 90-day ratio is at -24.07%. These figures suggest that SHIB’s price is lower than the average cost basis for holders.
Consequently, significant buyers have seized this opportunity to accumulate SHIB. Positive market sentiment and strong fundamentals support this buying activity. Notably, there has been a remarkable 125% surge in SHIB transactions between $100,000 and $1,000,000 over the past month. This increase highlights the heightened interest from major investors.
Technical Indicators and Price Predictions
Looking ahead, breaking the resistance level at $0.0000148 could lead to further price increases. Analysts predict that if SHIB surpasses this level, it may rise to $0.0000151 and potentially higher. Current technical indicators, including the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI), suggest a bullish trend is forming.
The RSI currently sits at 46, indicating a neutral position. Meanwhile, the CMF shows increasing money flow into the asset, further supporting the bullish outlook. If SHIB can maintain its upward momentum and break through established resistance levels, it may solidify its position in a bullish trend.
However, if SHIB fails to breach these levels, it could lead to continued consolidation around the current price range. Overall, the combination of whale accumulation, positive market sentiment, and favorable technical indicators suggests a cautiously optimistic outlook for Shiba Inu Coin in the near future.
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