CandleFocus

Shiba Inu (SHIB) Price Surge Slows as Indicators Point to More Corrections Ahead

Author: Content Editor
The price of Shiba Inu (SHIB) has increased by 59.71% in the last 30 days, making it the second-largest meme coin behind Dogecoin. However, its market cap has decreased from the $18 billion mark. The 7-day MVRV for SHIB is currently at -3.79%, indicating that holders have experienced an average loss of about 4% over the past week. This suggests that the asset may be undervalued or oversold, with the potential for further short-term corrections before any price rebound. The number of addresses holding at least 1 billion SHIB has also been decreasing, which could indicate increasing selling pressure and further price declines. The SHIB price is currently showing a potential shift in the trend, with the price below the short-term lines. It could test support levels at $0.000028 and $0.000026, or drop further to $0.000023. However, if whale activity picks up and MVRV triggers a rebound, the price could rise and test resistance levels at $0.000033, potentially moving higher if the resistance is broken.

Related News