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Home»TRADING NEWS»Will SHIB price momentum extend beyond February’s strength?
TRADING NEWS

Will SHIB price momentum extend beyond February’s strength?

By Crypto FlexsMarch 6, 20243 Mins Read
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Will SHIB price momentum extend beyond February’s strength?
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The price of Shiba Inu has shown a notable rise recently, and investors and traders are closely watching indicators to predict its next move. Is this another cryptocurrency roller coaster, or is this the beginning of a sustained price rise for memecoins?

SHIB has recorded an impressive growth of 343.06% in the past month and nearly 50% in the last 24 hours. While this move sends a strong signal to the market, the question on every investor’s mind is whether SHIB can maintain its bullish momentum.

Shiba Inu’s MVRV Ratio Hits 1.29: Stepping Stone or Cliff Edge?

Just a week ago, the Shiba Inu’s MVRV ratio was normal at 0.5. This means that the average SHIB is being held below market value, suggesting either undervaluation or a lack of investor confidence. The MVRV ratio soars to 1.29, revealing a dramatic change in market dynamics.

This jump represents a more than doubling of SHIB holders’ perceived value, suggesting strong bullish sentiment and potentially increased speculative interest.

SHIB MVRV. Source: IntotheBlock

The MVRV ratio, which compares market capitalization (current price multiplied by circulating volume) to realized market capitalization (value when the coin last moved), verifies the gains and losses in the market.

Current ratios highlight that most SHIB investors will be able to sell at a profit, which could lead to profit taking or strengthening investor confidence, each of which will impact SHIB’s future price trajectory.

Read More: 6 Best Platforms to Buy Shiba Inu (SHIB) in 2024

The parent address still holds SHIB.

Currently, 58.31% of SHIB’s total supply is held by parent addresses, down slightly from 59.55% just three days ago. Although this modest decline has been accompanied by a surge in prices, the data confirms that top addresses are maintaining their SHIB holdings.

Top address holds supply
Supply held by top addresses (% of total supply) Source: Santiment

A stable or increasing percentage of supply held by top addresses could indicate continued confidence in the token’s growth potential, which could be beneficial for SHIB’s price.

SHIB Price Prediction: Is a 50% increase expected?

The IOMAP (In/Out of Money Around Price) chart is a treasure map for SHIB traders, showing key price levels at which addresses have purchased tokens. With the current price at $0.000039, most holders are ‘In the Money’, which could provide strong support at this level.

SHIB IOMAP.  Source: IntotheBlock.
SHIB IOMAP. Source: IntotheBlock

A SHIB hold above $0.000039 would likely strengthen investor confidence and push the price towards the next resistance level near $0.000045. However, if this resistance can be broken, Shiba Inu could continue its growth trajectory all the way to $0.00006 and approach the ATH, capitalizing on a 50% gain next week.

Read More: Shiba Inu (SHIB) Price Prediction for 2024/2025/2030

Conversely, a slip below this pivotal line may prevent SHIB from seeking support around $0.000035, and many addresses may choose to ‘break even’ on their investments.

disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action you take upon the information on our website is strictly at your own risk.

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