#TrendingTopic $SHIB
Shiba Inu's (SHIB) MVRV ratio, a key metric that compares market capitalization with realized capitalization, stood at a modest 0.5.
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This indicated that the average SHIB was being held at a price lower than the market value –
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a sign of potential undervaluation or wavering investor confidence. However, this ratio has now escalated to an impressive 1.29, signaling a substantial change.
This leap pointed to a more than doubling in the value perceived by SHIB holders, reflecting a strong bullish sentiment and possibly an increase in speculative interest.
Shiba Inu (SIB) is currently trading between the support level of $0.00002154 and the resistance level of $0.00004729.
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Coupled with the Momentum at -0.00000035, these indicators suggest that SHIB is in a critical phase, potentially on the brink of a decisive move.
Shiba Inu (SHIB) Price Prediction
In terms of bullish and bearish scenarios, the recent news that 58.31% of SHIB's total supply is held by top addresses – a slight decrease from 59.55% – hints at stability in top holder confidence, which could be a bullish sign. Furthermore, the In/Out of Money Around Price (IOMAP) data shows that most holders are 'In the Money' at the current level, potentially providing strong support.
In a bullish scenario, overcoming $0.00004729 by Shiba Inu (SHIB) could open the path towards $0.00005939 and $0.00008514. Conversely, a bearish turn might see SHIB retesting $0.00002154, and if broken, moving towards $0.00000789.
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