Despite recent value drops, the popular memecoin, Shiba Inu (SHIB), has the potential for future success, as suggested by on-chain indicators.
Temporary setbacks are not uncommon for promising cryptocurrencies like SHIB. On-chain data show a surge in wallet addresses holding SHIB tokens, indicating increasing investor interest.
Currently, SHIB is valued at $0.000025, a 20% reduction in the last month, according to CoinMarketCap. Investors remain optimistic, expecting the cryptocurrency to rebound soon.
The Moving Average Convergence/Divergence (MACD) analysis of SHIB points to a positive signal for holding long positions. However, it’s vital to consider these signals in the broader market context before making decisions.
Momentum indicators like the Relative Strength Index (RSI) and Money Flow Index (MFI) indicate a sustained demand for SHIB.
Shiba Inu coin’s potential growth
This continuous accumulation suggests a positive market sentiment toward the coin and the potential for future price appreciation.
SHIB’s Accumulation/Distribution Line (A/D Line) shows increasing buying pressure, hinting at a surge in price. As traders accumulate more SHIB, there is potential for an upward price movement in the near future.
Despite the recent value dip, the number of significant investors in SHIB, also known as ‘whales’, has increased by 4% in the last month. The rise reflects confidence in the cryptocurrency’s long-term potential and hints at a positive future.
The low Market Value to Realized Value (MVRV) ratio of the memecoin suggests it’s undervalued, potentially indicating a buying opportunity. However, like any investment in the crypto space, caution and extensive research are advised.
In conclusion, SHIB, despite recent challenges, shows signs of a positive long-term outlook based on on-chain measurements. This could benefit prospective investors planning their journey in the crypto market.
