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Highlights
- Shiba Inu price eyes a 108% rally to $0.000028 as it teases a breakout from an accumulation zone.
- The MVRV ratio has dropped to Q3 2024 lows, and if history rhymes, an upward breakout is likely to happen.
- The ratio of daily transaction volumes in profit to loss has fallen to a two-month low, indicating that most SHIB holders are sitting in losses.
Shiba Inu (SHIB) price may be on the verge of a massive rally as on-chain data and technical analysis support a bullish outlook. At press time, the meme coin trades at $0.0000134 with a slight 0.1% gain in 24 hours, with low volatility causing fluctuations between a daily low of $0.0000133 and a daily high of $0.0000137.
Shiba Inu Price Analysis as 108% Rally Looms
The daily chart shows that SHIB value today is on the verge of an explosive rally, as the meme coin teases a breakout from an accumulation zone after overcoming resistance from a descending trendline. The next key level to watch is $0.00001364, and if it can form a decisive close above it, it will flip the market structure to bullish.
If this breakout occurs, and SHIB holds above the MA level of $0.0000182, a reaccumulation phase will likely play out before a potential 108% rally to $0.0000286.
The RSI stands at 54, an indication that the bullish momentum is strong to support an upward trend. However, traders should remain wary of a weakening uptrend as the AO bars suggest that the bullish sentiment is weak.
Despite the weak outlook depicted by the AO bars, two key on-chain metrics hint that the 108% will likely out, and the SHIB price could skyrocket soon.
MVRV Ratio, On-Chain Losses Hint At Explosive SHIB Rally
The Shiba Inu Market Value to Realized Value (MVRV) ratio teases that the price of this top meme coin is about to enter an explosive bull market. This metric is at the same level it was in Q3 2024 before a 54% rally ensued within two months, followed by another 94% surge in Q4. This surge saw SHIB clinch a multi-month high of $0.000033 in late 2024.
If history rhymes and SHIB follows the same trend, and the price skyrockets by 94%, the new target will be $0.0000259. This supports the thesis around a bullish Shiba Inu price prediction and the possibility of fresh highs being formed soon.
Meanwhile, data from Santiment shows that the ratio of daily on-chain transaction volumes in profits and losses has plummeted to 0.24%, marking the lowest level in nearly two months. This indicates that most holders are in losses, a fact that has always preceded a strong bounce as traders are less incentivised to sell.
If the Shiba Inu price follows previous trends and these on-chain metrics hint towards a rally, the meme coin will skyrocket and potentially reach new record highs. However, this rally faces headwinds considering that traders have been flocking to newer meme coins, which have diverted capital away from older coins.
Frequently Asked Questions (FAQs)
1. Can the Shiba Inu price skyrocket soon?
2. How high will the SHIB price rally in the short term?
3. What does the MVRV ratio show about the Shiba Inu price?
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