Nov 6, 2024
6thTrade
Shiba Inu’s (SHIB) price is displaying signs of potential growth, with multiple indicators pointing to a possible upward trend. With a 5% gain in the last 24 hours, the 7-day MVRV (Market Value to Realized Value) metric reveals that SHIB holders are near their break-even point, reducing the urge to sell and opening the door for further gains.
Although whale holdings have declined slightly, the decrease has been gradual, suggesting a minimal impact on the current price trend. The EMA (Exponential Moving Average) lines are also approaching a golden cross formation, a bullish signal that could push SHIB to test key resistance levels if the trend strengthens.
SHIB’s 7-Day MVRV Indicates Potential for Continued Price Growth
Currently, SHIB’s 7-day MVRV stands at -0.04%, suggesting recent buyers are close to their break-even point with minimal gains or losses. This metric, which compares the current price to the average acquisition price over the last week, provides a snapshot of short-term profitability.
A slightly negative MVRV level signals that SHIB holders have not yet seen substantial gains, which could decrease immediate selling pressure.
Historically, SHIB’s price has often continued to rise until the 7-day MVRV reaches levels above 4%—a threshold where holders tend to capitalize on profits, leading to increased selling activity. The current MVRV level implies that SHIB’s price may continue to climb before significant selling pressure arises.
Whales Maintain a Gradual Decline in SHIB Holdings
Between October 31 and November 1, the number of SHIB holders with at least 1 billion tokens decreased from 11,024 to 10,981. Monitoring these large wallets, or “whales,” is crucial, as they control significant portions of the supply and can influence price movements.
A gradual decrease in whale wallets, rather than a sharp drop, suggests limited selling pressure at present. This trend implies that the current price momentum could continue without major disruption, as whale activity has not yet intensified enough to impact SHIB’s trajectory significantly.
SHIB Price Prediction: Potential 23% Surge on the Horizon?
SHIB’s EMA lines indicate a potentially bullish setup, with short-term EMAs nearing a golden cross with long-term EMAs. This formation is often considered a strong bullish signal, suggesting an emerging uptrend. If the golden cross occurs, it could signal increased buying interest and a shift in sentiment toward SHIB.
Should the uptrend gain traction, SHIB’s price might test resistance at $0.00001959. Breaking this level could see the price rally further to $0.00002171, representing a possible 23% gain. Conversely, if the golden cross does not materialize and the uptrend falters, SHIB may first test support at $0.00001583. Should this support fail, SHIB’s price could decline further, potentially reaching around $0.00001296.
Images source : Santiment
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
