Shiba Inu (SHIB) has gone through a period of consolidation over the past two weeks, still struggling to break out of its recent decline.
Still, the changing momentum is suggesting the currency may soon regain upward momentum. Indicators are currently pointing to an upcoming transformation, sparking hope among investors.
Shiba Inu Investor Facing Opportunity
The Shiba Inu’s Market Value to Realized Value Ratio (MVRV) has fallen into the opportunity zone, between -9% and -21%. Historically, this zone has often signaled a potential price reversal, as it often causes investors to hold rather than sell. This behavior supports accumulation at lower prices, reducing selling pressure.
Every time the MVRV ratio enters this zone, SHIB usually shows a recovery trend. Current market conditions are consistent with this pattern, encouraging investors to anticipate a recovery. This trend highlights the growing belief that SHIB could soon exit its consolidation phase.
The Moving Average Convergence Divergence (MACD) indicator for SHIB shows that the bearish momentum is fading. MACD is approaching a bullish cross, indicating a potential shift from negative to positive momentum. This technical signal has historically been accompanied by an increase in price, signaling the cryptocurrency’s resilience.
As the downward pressure on prices weakens, SHIB promises to attract new buying interest. A confirmed bullish crossover on the MACD would strengthen the argument for a sustained rally. This shift in momentum could help the Shiba Inu regain lost ground and aim for higher resistance levels.
SHIB Price Prediction: Breakout Target
The price of the Shiba Inu has fluctuated between $0.00002341 and $0.00002093 over the past two weeks, currently remaining around $0.00002118. With indicators improving, the possibility of a drop below this range does not seem high. Accumulation and reduced selling pressure are expected to support current price levels.
For SHIB to recover, it is necessary to ‘flip’ the 0.00002341 USD threshold into support and overcome the 0.00002606 USD level, a key resistance level. In the past, the currency has often consolidated below this level, which makes it a key target. Reaching this milestone will mark the beginning of a new round of growth.
However, if the bearish momentum continues, SHIB price could fall to 0.00001961 USD. This scenario will negate the positive view and cause caution among investors. Maintaining key support levels is essential to maintaining market optimism.
