Shia Inu coin catches the Whales’ attention after the monthly drop to 15.95% triggers a buy-the-dip opportunity. SHIB has already shown a reversal from the downtrend by moving from a weekly low of $0.00001346 to the current price of $0.00001413.
Shiba Inu’s price today is at $0.00001413 with 2.62% in 24 hours.
Whales entered the SHIB in the dip
As per a notable metric MVRV ratio (Market Value to Realized Value) Shiba Inu is currently undervalued and is an open buying opportunity.
As per the Santiment data Shiba Inu coin’s MVRV ratio for 30 days is -1.7 and for 90 Day is -24.07.
This reading indicates that the Shiba inu coin price is lower than all of its coins in circulation, and this is a clear entry time.
SHIB lovers large buyers grabbed in the opportunity to accumulate this meme coin, supported by the positive market sentiment and fundamentals.
As per the Data from IntoTheBlock, it can be seen there was around 125% surge in SHIB transactions between $100,000 and $1,000,000 in a month.
This can be seen in another report of the Intotheblock that shows how large holders or whales are holding the SHIB, and not selling it.
A rise of nearly 220% was seen in the large holding in the last 30 Days. Also, a drop of 65% was seen in the outflow of Shiba Inu coins, indicating reduced selling pressure.
Shiba Inu Price Prediction: Breaking $0.0000148 will shoot up more.
Shiba Inu’s increasing whale interest and retailers’ confidence will hold for a few more days as the new DAO program is on release.
However, the technical indicators paint a different picture.
The SHIB/USDT, chart shows the asset breaking downward resistance on 19th August is a bullish move, and forms a downward channel in the latest sessions.
The RSI at 46 is in a neutral state, showing an upward face with and Chaikin Money Flow (CMF) indicator that shows the flow of money into the asset is rising from a negative state.
The current readings reveal the trend is changing steadily upward but only a break above 100% Fibonacci of $0.0000148 is crossed by breaking the downward channel, SHIB can be considered in a valid bullish trend.
Traders can hamper Siba Inu’s price by watching the channel and CMF indicator, if these turn breached SHUB will make $0.00001472 the first resistance, $0.0000151 the next, and a strong one above $0.00001602.
