đ„đ„đ„ #Shibalnu Price Flashes Bottom Signs After 9-Day Drop
Shiba Inu ($SHIB ) recently broke a key support level, bringing its price to a potential bounce zone. Currently trading at $0.00001315, SHIB is down 2.7% over the past day.
On-Chain Metrics Indicate Potential Bottom:
1. Social Dominance: SHIB's social media attention has surged to monthly highs, suggesting increased market interest.
2. Price Decline: Despite growing attention, SHIB has been falling since August 24, showing that social interest has not yet translated into buying pressure.
3. Sentiment: Social sentiment is more positive than negative, indicating long-term optimism despite short-term challenges.
4. Realized Cap: SHIBâs 30-day realized cap is at a 10-month low, suggesting recent trades are at much lower prices, which may indicate waning short-term confidence.
5. #MVRV Ratios: Declining 30-day and 365-day MVRV ratios show reduced profitability for holders, potentially reflecting negative sentiment but also suggesting accumulation opportunities.
6. Profitability: Only 30.71% of SHIB holders are currently in profit, placing it at a critical historical support level.
Price Forecast:
- Potential Movement: SHIB might find support around $0.00001260 before potentially rising to $0.00001460, indicating a possible 3% drop followed by a 16% surge.
- Market Watch: Monitor for long bottom wicks and increased volume to confirm any rebound.
Despite recent declines, the asset may be nearing a bottom, with potential for a price rebound if broader market conditions improve.
Source - coingape.com
