Shiba Inu (SHIB) Price Forecast: Holders’ Resilience Key to Sustaining Bull Run

Wednesday, 6 March 2024, 09:30

Shiba Inu (SHIB) has exhibited a remarkable price surge, up 46% recently, sparking interest in its potential future gains. The post delves into the MVRV ratio shift to 1.29, signaling increased bullish sentiment and potential speculative interest. Analysis suggests that SHIB could see a 50% increase and approach its ATH if it maintains key support levels, highlighting the critical role of holders’ resilience in sustaining the current bullish trend.

Shiba Inu (SHIB) Price Forecast: Holders’ Resilience Key to Sustaining Bull Run

Shiba Inu, the cryptocurrency that started as a joke, has been laughing its way to the bank with a recent 46% surge in price. An analysis of various technical indicators like the IOMAP, MV/RV Ratio, and trading volume suggests that the meme coin could be setting up for more gains.

Shiba Inu’s MVRV Ratio Hits 1.29: A Stepping Stone or a Cliff Edge?

Just a week ago, Shiba Inu’s MVRV ratio was at a modest 0.5, a marker that the average SHIB was being held at a price lower than the market value, suggesting undervaluation or a lack of investor confidence.

This leap indicates that the value perceived by SHIB holders has more than doubled, hinting at a strong bullish sentiment and potentially increased speculative interest.

Top Addresses are Still Holding SHIB

Currently, 58.31% of the total supply of SHIB is held by top addresses, a slight decrease from 59.55% just three days prior. This modest decline occurred alongside a price surge, yet the data confirms that top addresses maintain their SHIB holdings.

SHIB Price Prediction: A 50% Increase Ahead?

Should SHIB maintain its hold above $0.000039, it might reinforce investor confidence, potentially propelling the price toward the next resistance near $0.000045.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.