Shiba Inu (SHIB) price was expected to rise 43% before the meme coin fell victim to market weakness.
However, SHIB has support from investors as well as the market to potentially begin a recovery.
Shiba Inu investors prepare for rally
The price of Shiba Inu has influenced investor behavior in the past. Meme coins tend to react positively to their bullish movements, which is expected this time around. According to the Market Realized Value to Value (MVRV) ratio, SHIB is in the opportunity zone.
MVRV ratio monitors investors’ profits and losses. Accumulation may ensue as Shiab Inu’s 30-day MVRV is -9.7%, implying losses. Historically, SHIB has experienced recoveries from MVRV levels of -9% and -19%, marking it as an accumulation opportunity zone.
Therefore, if investors buy SHIB at the current price, they could benefit from an eventual rally.
Read More: Dogecoin (DOGE) and Shiba Inu (SHIB): What’s the Difference?
This price increase is likely to occur in response to the broader market strength resulting from the Bitcoin halving event. The halving, scheduled to take place within the next 12 hours, will slash Bitcoin mining rewards by 50%, which has historically sparked rallies.
Given that SHIB and BTC currently share a high correlation of 0.83, meme coins will potentially ride this bullish wave.
As a result, the price of Shiba Inu also increases.
SHIB price prediction: uptrend predicted
Trading at $0.00002311 at the time of this writing, the price of Shiba Inu is on the verge of starting a rally, which is expected to push the meme coin up to $0.00002835. SHIB could rise 23% on bullish broad market signals if it can turn $0.00002584 resistance into support.
This will also allow the meme coin to attempt once again to achieve the 43% rally target of the symmetrical triangle pattern.
Read More: Shiba Inu (SHIB) Price Prediction for 2024/2025/2030
However, if support at $0.00002039 is lost, the price of Shiba Inu could fall significantly. A potential decline would push the meme coin down to $0.00001473, negating its bullish signal.
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