Can Shiba Inu (SHIB) Wales Prevent the Coming Fall?
The price of Shiba Inu (SHIB), the leading meme coin, has fallen by 19% in the past month. This decline has created a buying opportunity for those willing to trade with the market.
As a result, SHIB whalers have increased their stocks and taken advantage of the dip.
Shiba Inu Price Dip Wells invites
On-chain SHIB Market Value to Virtual Value (MVRV) ratios indicate that Mem Coin is currently a buy. At the time of publication, this metric shows negative values on various moving averages.
According to Sentiment Data, SHIB's 30-day and 90-day MVRV ratios are -1.7 and -24.07, respectively.
When an asset's MVRV ratio falls below zero, it indicates that the asset is undervalued, meaning that its current value is lower than the average value of the tokens in circulation. This creates an opportunity for investors looking to “buy the dip”.
SHIB whalers noticed this underestimation and increased their commercial activity. This is evident from the recent increase in large transactions related to altcoins. According to IntoTheBlock data, there was a 128% increase in SHIB transactions valued between $100,000 and $1,000,000 last month.
Read more: 6 best platforms to buy a Shiba Inu (SHIB) in 2024
An increase in large transactions in real estate often indicates a promiscuous trend. This is because retailers see the commercial activity of the whales as a positive sign, which boosts their confidence. As a result, they are more likely to buy, which leads to sustainable price growth.
SHIB Price Prediction: Look before you leap
SHIB's technical analysis suggests that despite increased demand from whales, Mem Coin is vulnerable to further declines.
The Chaikin Money Flow (CMF), which tracks cash inflows and outflows, hovers above its midline and is likely to dip below it. A CMF value below zero indicates market weakness as it reflects increased liquidity from the asset.
Additionally, SHIB's Relative Strength Index (RSI) stood below the neutral line at 43.7, highlighting that selling pressure is stronger than buying activity.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
If this trend continues, SHIB price may drop to $0.000010. However, if the bulls gain control of the market and demand for SHIB increases, it may push the price to $0.000018.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
