Shiba Inu Primed for Explosive Breakout as Whales Accumulate—MVRV in Freefall
Shiba Inu’s price is coiled for a potential surge as crypto whales gobble up tokens while MVRV ratios crater. Here’s why the memecoin could defy the skeptics—or become another cautionary tale.
Whales Bet Big on SHIB
Deep-pocketed investors are loading up on Shiba Inu, signaling confidence in a price rebound despite recent market turbulence. Their buying spree comes as...
MVRV Crashes to Opportunity Zone
The Market Value to Realized Value (MVRV) ratio—a key metric for identifying undervalued assets—has plunged to levels historically associated with major bottoms. When this happens, even Wall Street ‘experts’ suddenly remember what ‘buy low’ means.
The Memecoin Wildcard
SHIB’s community-driven hype machine could either fuel a parabolic rally or prove once again that in crypto, ‘fundamentals’ are whatever Twitter says they are today. Either way, buckle up.
SHIB on-chain metrics | Source: Santiment
Shiba Inu price technical analysis
The daily chart shows that the SHIB price bottomed at $0.00000997 on Monday and then bounced back to $0.00001135. Its lowest point this week was the lowest swing in April this year and August 2024.
It has formed a double-bottom pattern whose neckline is at $0.00001755. A double bottom is a highly bullish sign in technical analysis. The Relative Strength Index has also moved from the oversold level of 28 to 40.
The token is likely to bounce back and possibly hit the neckline at $0.00001755, representing a 55% increase from the current level. However, a drop below the key support level of $0.0000099 WOULD invalidate the bullish outlook and suggest further downside risk.
