Shiba Inu coin (SHIB) has caught the attention of major investors after the monthly drop of 15.95% created a buy-the-dip opportunity. SHIB has already shown a reversal from the downtrend by moving from a weekly low of $0.00001346 to the current price of $0.00001413.
Whale Interest in Shiba Inu
According to the MVRV ratio (Market Value to Realized Value), Shiba Inu is currently undervalued and presents an open buying opportunity. As per Santiment data, Shiba Inu's MVRV ratio for 30 days is -1.7 and for 90 days is -24.07. This indicates that the Shiba Inu coin price is lower than all of its coins in circulation, making this an ideal entry time. Large buyers seized the opportunity, supported by positive market sentiment and fundamentals. Data from IntoTheBlock shows a 125% surge in SHIB transactions ranging from $100,000 to $1,000,000 in a month.
Shiba Inu Price Prediction
IntoTheBlock data indicates that large SHIB holders are accumulating rather than selling. Over the past 30 days, there has been a 220% increase in large holdings, while the outflow of Shiba Inu coins has decreased by 65%, indicating reduced selling pressure.
Shiba Inu Technical Analysis
The growing interest of whales and confidence among retail investors in Shiba Inu might hold for a few more days, driven by the new DAO program release. However, technical indicators show a different picture. The SHIB/USDT chart indicates a bullish move by breaking downward resistance on August 19, forming a downward channel in the latest sessions. The RSI at 46 is neutral yet upward-facing, and the Chaikin Money Flow (CMF) indicator shows rising money flow into the asset from a negative state. Current readings reveal a steady upward trend, but only a break above the 100% Fibonacci level of $0.0000148, crossing the downward channel, will confirm a valid bullish trend. Traders should monitor the channel and CMF indicator closely; if breached, SHIB will first face resistance at $0.00001472, then at $0.0000151, and a stronger resistance above $0.00001602.
Shiba Inu coin draws investor interest in the current market and shows signs of recovery. Paying attention to technical indicators can help traders determine further price dynamics.
Comments