- Shiba Inu’s price dropped by more than 7% last week.
- Metrics hinted at a trend reversal, but indicators suggested otherwise.
As an experienced analyst, I believe that the recent buying activity from a successful SHIB investor and the overall buying sentiment in the market could be indicators of an upcoming price increase for Shiba Inu (SHIB). However, it’s important to note that other metrics such as the MACD and RSI suggest a continued bearish trend.
As a dedicated SHIB investor, I’ve experienced some turbulence this past week as the price of Shiba Inu took a nose dive. Yet, despite these market fluctuations, I remain optimistic and chose to add more tokens to my portfolio. The confidence of seasoned investors in SHIB’s potential continues to inspire me.
Does this mean that SHIB is getting ready for a pump?
Investors show confidence in Shiba Inu
Last week, SHIB‘s price saw a significant decline of over 7%, according to data from CoinMarketCap, with bearish sentiment taking the upper hand.
Currently, Shiba Inu (SHIB) is being traded at the price of $0.0000257, and its market value exceeds $15.14 billion. As a result, SHIB ranks as the 11th largest cryptocurrency by market capitalization.
As a crypto investor, I recently came across some intriguing information from Lookonchain. According to their data, an investor who previously made a profit with SHIB has amassed a significant amount – 715.9 billion tokens – in a relatively short period. With the current market price of SHIB, this translates to over $18 million in value.
An early investor purchased a substantial amount of SHIB, spending just $400,000 to acquire 5.5 trillion tokens during the initial phases. Later, they realized significant gains, selling for a total of $121 million at two peak prices. This sequence of events implied that the investor held a strong belief in SHIB’s price growth potential.
According to AMBCrypto’s interpretation of Santiment’s findings, a buying mood generally prevailed in the cryptocurrency market. Notably, there was a significant increase in Shiba Inu (SHIB) coins being withdrawn from exchanges during the previous week.
As an analyst, I’ve observed that the cryptocurrency’s availability on exchanges decreased, whereas its supply off the exchanges grew. This trend suggests an uptick in demand or buying pressure.
As a researcher studying cryptocurrency trends, I’ve noticed an intriguing development. It appears that whale entities have been acquiring Shiba Inu (SHIB) coins, as indicated by a minor uptick in the amount of SHIB held by large address holders.
A bull rally for SHIB?
I delved deeper into the data provided by AMBCrypto to examine other indicators and assessed whether the surge in purchasing interest could potentially lead to an uptick in crypto prices.
We found that SHIB’s MVRV ratio improved slightly, which can be inferred as a bullish signal.
As an analyst, I’ve observed a significant decrease in Shiba Inu (SHIB) coin’s NVT ratio. This metric is used to determine if a cryptocurrency is under or overvalued based on its network value and transaction volume. With this drop, it appears that SHIB could be undervalued at the moment. Consequently, there might be an impending bull rally in the coming days for this memecoin.
As a financial analyst, I would begin by explaining that the NVT (Network Value to Transferred Value) ratio is calculated by dividing a cryptocurrency’s market capitalization by its on-chain transaction volume, expressed in US dollars.
After examining the daily graph of the memecoin, we looked for signs of an upcoming bull run based on various indicators. However, contrary to our expectations, market signals remained pessimistic, unlike the NVT ratio.
In simpler terms, the MACD indicator showed that bulls and bears were engaged in a fierce competition to take control of the market trend.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
The RSI and CMF indicators for it showed declines, implying that the price may continue to decrease based on these signals.
Should that event occur, the value of Shiba Inu could potentially drop down to its backing level at $0.0000207. Conversely, if Shiba Inu displays bullish tendencies instead, it may reach a peak of $0.0000294 once more.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- SCR PREDICTION. SCR cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- WELL PREDICTION. WELL cryptocurrency
- ROSE PREDICTION. ROSE cryptocurrency
- CRTS PREDICTION. CRTS cryptocurrency
- LFG PREDICTION. LFG cryptocurrency
2024-06-06 21:12