Shiba Inu Set for Accumulation Despite SHIB Price Decline
08/19/2024 05:00
Shiba Inu's price continues to decline, but this downtrend has created potential bullish opportunities for the meme coin.
Shiba Inu (SHIB) price is facing the consequences of the ongoing downtrend, which has pushed its investors away.
Nevertheless, there could be a turnaround since the low prices have created the perfect atmosphere for accumulation.
Shiba Inu Investors Need to Be Revived
Since the beginning of March, Shiba Inu has been caught in an ongoing downtrend that has steadily eroded investor confidence. This persistent decline in value has led to a noticeable shift in market behavior, with many investors choosing to distance themselves from the asset.
As the downtrend continues, investor participation in Shiba Inu has significantly decreased. The prolonged bearish sentiment has made it less appealing for both new and existing investors to engage with the cryptocurrency. This withdrawal is reflected in the reduced trading volumes and lower market activity surrounding Shiba Inu.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
As a result, investor participation in Shiba Inu has reached its lowest point in six months. However, the low prices also present an opportunity for SHIB investors, as the Market Value to Realized Value (MVRV) ratio suggests. The MVRV ratio assesses investor profit and loss.
Currently, Shiba Inu’s 30-day MVRV stands at -8%, indicating losses and possible buying pressure. Historically, SHIB MVRV between -8% and -18% usually signals the start of recoveries and rallies, marking it as an accumulation opportunity zone.
SHIB Price Prediction: Invalidating the Downtrend
Shiba Inu’s price at $0.00001345 is currently targeting a breach of the five-month downtrend. The meme coin has managed to breach this line only three times since the beginning of March.
The potential accumulation could bring renewed bullish momentum to SHIB, potentially pushing the price toward $0.00001473. If this level is flipped into support, Shiba Inu might extend its rally.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
However, if the meme coin fails to breach this level, consolidation between $0.00001473 and $0.00001281 may continue. This scenario could invalidate the bullish outlook entirely, reinforcing the bearish sentiment.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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