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Shiba Inu Suggests Key Trend as Price Dips per This Metric: Details

Thu, 06/02/2022 - 15:53
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Tomiwabold Olajide
Shiba Inu is presently facing accumulation from whales
Shiba Inu Suggests Key Trend as Price Dips per This Metric: Details
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Shiba Inu's price continues to consolidate within a range between $0.00001047 and $0.00001437, suggesting accumulation by holders.

The 30-day Market Value to Realized Value (MVRV) reveals that Shiba Inu might be nearing the "opportunity" zone amid present accumulation.

30-day Market Value to Realized Value (MVRV), Courtesy: Santiment

This on-chain metric is used to calculate the average profit/loss of investors who bought an asset over a certain period. A rating of -10% to -15%, according to Santiment, implies that short-term holders are losing money and are less likely to sell. This is frequently where long-term investors congregate. As a result, any change below -10% is referred to as being in the "opportunity zone."

The 30-day MVRV for SHIB fell below the previous two local bottoms at -34% and -44%. Holders, on the other hand, appear to be accumulating, as evidenced by the recent value of -13%.

Shiba Inu touched lows of $0.0000105 on June 1 amid the last market declines. At the time of publication, Shiba Inu was attempting to recoup losses, though it was still down 4.22% in the last 24 hours per CoinMarketCap. SHIB presently trades at $0.000011.

SHIB/USD Daily Chart, Courtesy: TradingView

In the case of a further downturn, a break below the lower end of the range at $0.00001047 might risk a retest of the $0.0000856 level. If history repeats, SHIB might consolidate for a while before the next move. In an alternative scenario, a breakout from the present triangle pattern could result in a run-up to $0.00001742 before a significant barrier is met.

SHIB whales ''accumulating''

Shiba Inu is presently facing accumulation from whales, or large holders, as it ranks among the top 10 most purchased tokens among the 500 biggest ETH whales in the last 48 hours, WhaleStats data shows.

Aside from this, the top 1,000 ETH whales, according to Whalestats, are "hodling" $621,650,232 worth of SHIB.

Shiba Inu whales have been more active in the last 24 hours, according to IntoTheBlock data, with a 52% spike in large transactions. Large transaction surges are typically linked to increased activity from whales who are either buying or selling, and these total more than $100,000.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.