Shiba Inu Set for Accumulation Despite SHIB Price Decline
In Brief
- Shiba Inu’s price has been in a consistent downtrend since the beginning of March.
- As a result, investors have stepped away, given participation is at a six-month low.
- The MVRV ratio is currently in the opportunity zone, signaling accumulation.
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.
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.
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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.
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.
