It was anticipated that the price of Shiba Inu (SHIB) would rise by 43% before the meme currency succumbed to general market pessimism.
SHIB, however, has the backing of its investors as well as the market to perhaps start the comeback.
Investors in Shiba Inus Get Ready for a Rally
The price of Shiba Inu has previously experienced the effects of investor behavior. This is a bullish move from them, which is expected to have a good reaction on the meme coin. SHIB is in the opportunity zone based on the Market Value to Realized Value (MVRV) ratio.
Profits and losses for investors are tracked by the MVRV ratio. Shiba Inu's 30-day MVRV of -9.7%, which indicates losses, suggests that accumulation might occur. SHIB has historically recovered at MVRV values of -9% and -19%, marking it as an accumulation opportunity zone.
This price increase is probably a reaction to the general market optimism brought on by the Bitcoin halving. The halving, which is scheduled to occur in the next 12 hours, will reduce the Bitcoin mining payout by 50%, which has historically led to a surge.
With a current strong correlation of 0.83 between SHIB and BTC, the meme currency may ride this rising wave.
SHIB Price Forecast: Expect an Increase
As of this writing, Shiba Inu's price, which is trading at $0.00002311, is almost ready to start a surge that would likely lift the meme currency to $0.00002835. With the optimistic broader market cues, SHIB might increase by 23%, if it can turn the $0.00002584 barrier into a support level.
April 2024, Cryptoniteuae