Shiba Inu Price Prediction: All About Latest SHIB Buying Opportunity

• Despite its recent price woes, SHIB’s long-term outlook remains bullish
• SHIB Key On-Chain Indicator Also Showed a Buy Signal

Based on key technical indicators observed on its weekly chart, leading memecoin Shiba Inu [SHIB] is poised for a long-term rally, despite its recent price woes.

At the time of writing, the altcoin was valued at $0.000025. According CoinMarketCapIts value has fallen 20% in just over a month.

SHIB prepares for takeoff

The first indicator worth mentioning here is SHIB’s moving average convergence/divergence (MACD), which tracks market trends and changes in price momentum. At the time of this publication, the coin’s MACD line (blue) was above its signal line (orange).

This is considered a bullish signal and is often interpreted by traders as a signal to take long positions and exit short ones.

Furthermore, despite its recent price issues, SHIB’s momentum indicators highlighted sustained demand for memecoin. Its Relative Strength Index (RSI) was 60.77, while its Money Flow Index (MFI) had a reading of 69.82. At these values, these indicators suggested that SHIB traders favored the accumulation of the coin over its distribution.

Confirming the preference for SHIB accumulation by market participants, its Accumulation/Distribution Line (A/D Line) was also in an uptrend, at the time of this publication.

This indicator measures the cumulative flow of money into or out of an asset over a specific period. When it rises like this, it indicates that more money is flowing into the asset due to an increase in buying pressure. By doing so, you confirm the possibility of a price tilt on the charts.

SHIB whales unmoved by losses

Despite the double-digit drop in memecoin price over the past month, SHIB whales holding between 100 and 1,000,000 SHIB coins have intensified their hoarding practices.

In fact, at press time, this cohort of investors numbered 299,000, and their count increased 4% in the last 30 days, according to Feelings data.

These memecoin holders have also remained resilient, even though daily transactions involving SHIB continue to generate losses. According to Santiment, SHIB’s daily trading volume ratio of profits to losses was 0.359.

Simply put, this means that for every SHIB transaction that generated losses, only 0.359 transactions ended in profits.

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Now could be the time to buy

Finally, on-chain data revealed that SHIB’s market value to realized value (MVRV) ratio showed a buy signal. According to SantimentSHIB’s MVRV ratios on the 30-day and 365-day moving averages were -132% and -147%, respectively, at the time of writing.

The MVRV index tracks the relationship between the current market price of an asset and the average price of each coin or token purchased for that asset.

When it is negative in this way, the asset in question is said to be undervalued. This means that the market value of the asset is below the average purchase price of all its tokens in circulation, which many see as a good buying opportunity.

This is an automatic translation of our English version.