Shiba Inu (SHIB) Price Gains Momentum: Indicators Point to Potential Rally
2024-11-06

Shiba Inu SHIBUSD price is showing signs of potential growth, with multiple indicators suggesting room for an upward trend. After 5% gains in the last 24 hours, the 7-day MVRV metric highlights that SHIB holders are near break-even, reducing immediate selling pressure and allowing space for further gains.
Additionally, while whale holdings have slightly declined, the decrease has been gradual, implying a limited impact on the current price trend. The EMA lines are nearing a golden cross formation, a bullish signal that could drive SHIB to test key resistance levels if the uptrend strengthens.
SHIB 7D MVRV Shows Its Price Has Room For Growth
SHIB’s 7-day MVRV is currently at -0.04%, indicating that recent buyers are close to their break-even point with minimal gains or losses. The 7-day MVRV (Market Value to Realized Value) metric compares the current price to the average acquisition price over the past week, providing insight into short-term profitability.
A slightly negative MVRV suggests that SHIB holders have not yet seen substantial gains, which can reduce immediate selling pressure.
Historically, SHIB’s price tends to rise until the 7-day MVRV reaches levels above 4%, a point at which holders may begin to capitalize on profits, leading to increased selling activity. The current MVRV level implies that there is still room for SHIB’s price to grow before selling pressure intensifies.
This suggests that SHIB could continue its upward movement until higher MVRV levels prompt more holders to take profits, potentially affecting the trend.
Shiba Inu’s Biggest Whales Are Not Accumulating
Between October 31 and November 1, the number of SHIB holders with at least 1 billion tokens dropped from 11,024 to 10,981. Tracking these large wallets, or “whales,” is essential because they hold significant portions of the supply and have the potential to impact price movements.
Changes in the number of these wallets can provide insight into market sentiment, as an increase in whale activity often signals accumulation, while a decrease may suggest selling pressure.
Although this recent drop in whale wallets shows a slight reduction, it has been gradual rather than sharp. The daily decrease in whale numbers has not been substantial, indicating that this trend may not yet be strong enough to exert significant selling pressure on the market.
This gradual decline suggests that the current trend could continue without major disruption, as the selling activity from these whales has not intensified enough to alter the trajectory of SHIB’s price movement.
SHIB Price Prediction: A Potential 23% Price Surge In Sight?
The EMA lines on the SHIB price chart are showing a potentially bullish setup, with short-term EMAs approaching the point of crossing above the long-term ones.
This formation, known as a golden cross, is generally seen as a strong bullish signal, indicating that an uptrend may be taking shape. If this cross occurs, it could suggest increased buying momentum and a shift in market sentiment toward SHIB.
If this uptrend strengthens, SHIB price could test resistance at $0.00001959. If it breaks through, it may rally further to $0.00002171, representing a potential 23% gain. However, if the golden cross fails to materialize and the uptrend does not hold, SHIB’s trend could reverse into a downtrend.
In that case, SHIB might first test support at $0.00001583. If that level does not hold, the price could fall further to around $0.00001296.