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

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

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