Shiba Inu (SHIB) price has shed more than 16% of its value in the last seven days alone, but a rebound may be on the way. On-chain data and technical indicators show that Shiba Inu price has hit a local bottom and a reversal is now imminent.
At press time, SHIB trades at $0.0000141 with a 3% decline in 24 hours. Trading volumes were up by 88% according to data from CoinMarketCap.
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Has Shiba Inu Price Formed a Local Bottom?
After losing over 16% in just one week, on-chain data indicates that a SHIB price bottom has been formed. The MVRV ratio is currently at the same level that it was in Q3 2024, before Shiba Inu made an explosive upward rally.
Shiba Inu MVRV RatioIf history rhymes, which is usually the case with most meme coins and the crypto market, the price of SHIB may overcome bearish trends and resume the uptrend that it started last week.
Additionally, shortly after the MVRV ratio bottomed last year, SHIB soared by 128%. If the top meme coin replicates these gains, it will reach the $0.000032 price within weeks.
Meanwhile, Shiba Inu’s daily on-chain transaction volumes in loss have plummeted to 579 billion after reaching nearly 5 trillion earlier this month.
SHIB Daily On-Chain Transaction Volumes in LossThis decline indicates that capitulation may be over, as fewer traders are willing to sell SHIB at a loss. This drop will reduce the downward pressure on Shiba Inu price, which further indicates that the meme coin is in a bottoming phase.
As the MVRV and easing on-chain losses support a bullish Shiba Inu price forecast that the meme coin has indeed bottomed, long-term holders may start accumulating. This will form the basin for which SHIB price rebounds.
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Technical Analysis as Bullish Signals Emerge
The daily Shiba Inu price chart shows multiple bullish signals, suggesting that the downward momentum may be false and may quickly be followed by an upward reversal. The CMF indicator on this chart is rising while the price is dropping, which may show that smart money is accumulating or buying the dip.
The ADX line also paints a similar picture and is leaning towards a bullish reversal occurring soon. This line is dropping alongside the price of Shiba Inu, an indication that the downward momentum is not strong enough, and sellers may soon reach exhaustion.
Considering this technical outlook, it is likely that SHIB defends support at the $0.0000139 price and rebounds to test the resistance at $0.000016. If this happens, traders should watch out for a bullish leg to $0.000022.
SHIB/USDT: 1-day ChartThe on-chain data, including the MVRV and transaction profitability, coupled with this technical outlook, supports a bullish outlook for Shiba Inu price. Therefore, if the broader market cap recovers from the ongoing correction, SHIB can easily lead the next bull run.
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Frequently Asked Questions (FAQs)
Has Shiba Inu price hit a local bottom?
The MVRV ratio suggests that SHIB price may have hit a local bottom. Moreover, on-chain losses have subsided, which may trigger long-term holder accumulation.
What do the MVRV ratio and on-chain losses show about Shiba Inu’s price?
The MVRV ratio and the decline in on-chain losses show that Shiba Inu price is about to rebound. These metrics may precede buying activity and support a strong bounce.
What is the most critical resistance level for SHIB?
The most critical resistance level for SHIB price is $0.000016. If it can overcome this level, it is poised for a strong upward trend.
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Can Shiba Inu Price Break $0.000016? SHIB MVRV Signals Bottom as Losses Ease
Shiba Inu (SHIB) price has shed more than 16% of its value in the last seven days alone, but a rebound may be on the way. On-chain data and technical indicators show that Shiba Inu price has hit a local bottom and a reversal is now imminent.
At press time, SHIB trades at $0.0000141 with a 3% decline in 24 hours. Trading volumes were up by 88% according to data from CoinMarketCap.
Advertisement
Advertisement
Has Shiba Inu Price Formed a Local Bottom?
After losing over 16% in just one week, on-chain data indicates that a SHIB price bottom has been formed. The MVRV ratio is currently at the same level that it was in Q3 2024, before Shiba Inu made an explosive upward rally.
Shiba Inu MVRV RatioIf history rhymes, which is usually the case with most meme coins and the crypto market, the price of SHIB may overcome bearish trends and resume the uptrend that it started last week.
Additionally, shortly after the MVRV ratio bottomed last year, SHIB soared by 128%. If the top meme coin replicates these gains, it will reach the $0.000032 price within weeks.
Meanwhile, Shiba Inu’s daily on-chain transaction volumes in loss have plummeted to 579 billion after reaching nearly 5 trillion earlier this month.
SHIB Daily On-Chain Transaction Volumes in LossThis decline indicates that capitulation may be over, as fewer traders are willing to sell SHIB at a loss. This drop will reduce the downward pressure on Shiba Inu price, which further indicates that the meme coin is in a bottoming phase.
As the MVRV and easing on-chain losses support a bullish Shiba Inu price forecast that the meme coin has indeed bottomed, long-term holders may start accumulating. This will form the basin for which SHIB price rebounds.
Advertisement
Advertisement
Technical Analysis as Bullish Signals Emerge
The daily Shiba Inu price chart shows multiple bullish signals, suggesting that the downward momentum may be false and may quickly be followed by an upward reversal. The CMF indicator on this chart is rising while the price is dropping, which may show that smart money is accumulating or buying the dip.
The ADX line also paints a similar picture and is leaning towards a bullish reversal occurring soon. This line is dropping alongside the price of Shiba Inu, an indication that the downward momentum is not strong enough, and sellers may soon reach exhaustion.
Considering this technical outlook, it is likely that SHIB defends support at the $0.0000139 price and rebounds to test the resistance at $0.000016. If this happens, traders should watch out for a bullish leg to $0.000022.
SHIB/USDT: 1-day ChartThe on-chain data, including the MVRV and transaction profitability, coupled with this technical outlook, supports a bullish outlook for Shiba Inu price. Therefore, if the broader market cap recovers from the ongoing correction, SHIB can easily lead the next bull run.
Advertisement
Frequently Asked Questions (FAQs)
The MVRV ratio suggests that SHIB price may have hit a local bottom. Moreover, on-chain losses have subsided, which may trigger long-term holder accumulation.
The MVRV ratio and the decline in on-chain losses show that Shiba Inu price is about to rebound. These metrics may precede buying activity and support a strong bounce.
The most critical resistance level for SHIB price is $0.000016. If it can overcome this level, it is poised for a strong upward trend.
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