Can Shiba Inu Price Break $0.000016? SHIB MVRV Signals Bottom as Losses Ease
The post Can Shiba Inu Price Break $0.000016? SHIB MVRV Signals Bottom as Losses Ease appeared on BitcoinEthereumNews.com. Shiba Inu (SHIB) price has shed more than 16% of its value in the last seven days alone, but a rebound may be on the way. On-chain data and technical indicators show that Shiba Inu price has hit a local bottom and a reversal is now imminent. At press time, SHIB trades at $0.0000141 with a 3% decline in 24 hours. Trading volumes were up by 88% according to data from CoinMarketCap. Has Shiba Inu Price Formed a Local Bottom? After losing over 16% in just one week, on-chain data indicates that a SHIB price bottom has been formed. The MVRV ratio is currently at the same level that it was in Q3 2024, before Shiba Inu made an explosive upward rally. Shiba Inu MVRV Ratio If history rhymes, which is usually the case with most meme coins and the crypto market, the price of SHIB may overcome bearish trends and resume the uptrend that it started last week. Additionally, shortly after the MVRV ratio bottomed last year, SHIB soared by 128%. If the top meme coin replicates these gains, it will reach the $0.000032 price within weeks. Meanwhile, Shiba Inu’s daily on-chain transaction volumes in loss have plummeted to 579 billion after reaching nearly 5 trillion earlier this month. SHIB Daily On-Chain Transaction Volumes in Loss This decline indicates that capitulation may be over, as fewer traders are willing to sell SHIB at a loss. This drop will reduce the downward pressure on Shiba Inu price, which further indicates that the meme coin is in a bottoming phase. As the MVRV and easing on-chain losses support a bullish Shiba Inu price forecast that the meme coin has indeed bottomed, long-term holders may start accumulating. This will form the basin for which SHIB price rebounds. Technical Analysis as Bullish Signals…
The post Can Shiba Inu Price Break $0.000016? SHIB MVRV Signals Bottom as Losses Ease appeared on BitcoinEthereumNews.com.
Shiba Inu (SHIB) price has shed more than 16% of its value in the last seven days alone, but a rebound may be on the way. On-chain data and technical indicators show that Shiba Inu price has hit a local bottom and a reversal is now imminent. At press time, SHIB trades at $0.0000141 with a 3% decline in 24 hours. Trading volumes were up by 88% according to data from CoinMarketCap. Has Shiba Inu Price Formed a Local Bottom? After losing over 16% in just one week, on-chain data indicates that a SHIB price bottom has been formed. The MVRV ratio is currently at the same level that it was in Q3 2024, before Shiba Inu made an explosive upward rally. Shiba Inu MVRV Ratio If history rhymes, which is usually the case with most meme coins and the crypto market, the price of SHIB may overcome bearish trends and resume the uptrend that it started last week. Additionally, shortly after the MVRV ratio bottomed last year, SHIB soared by 128%. If the top meme coin replicates these gains, it will reach the $0.000032 price within weeks. Meanwhile, Shiba Inu’s daily on-chain transaction volumes in loss have plummeted to 579 billion after reaching nearly 5 trillion earlier this month. SHIB Daily On-Chain Transaction Volumes in Loss This decline indicates that capitulation may be over, as fewer traders are willing to sell SHIB at a loss. This drop will reduce the downward pressure on Shiba Inu price, which further indicates that the meme coin is in a bottoming phase. As the MVRV and easing on-chain losses support a bullish Shiba Inu price forecast that the meme coin has indeed bottomed, long-term holders may start accumulating. This will form the basin for which SHIB price rebounds. Technical Analysis as Bullish Signals…
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