The TD Sequential indicator suggested a potential buy signal on Shiba Inu’s (SHIB) daily chart. This indicator highlighted possible reversal points, guiding traders to anticipate potential uptrend.
The signal was followed by a green candlestick, hinting at a nascent uptrend. The price of SHIB had hovered around the $0.00002307 level.
It presents a rebound opportunity towards the Fibonacci retracement levels marked on the chart.
Notably, the $0.000026 and $0.000029 targets correspond to significant Fibonacci levels, which often acted as resistance or support. This suggested upward potential towards these precise levels.
If the pattern holds, SHIB could reach these higher Fibonacci levels, reinforcing the buy signal’s credibility.
This buying interest, spurred by technical signals and possibly augmented by broader market conditions or specific news related to Shiba Inu, emphasized on the dynamics often seen in memecoins.
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The 30-day MVRV for Shiba Inu
Looking at the 30-day MVRV for Shiba Inu, a pronounced decline reaching -20% illustrated majority holders saw losses. MVRV ratio plunged below zero.
Historically, such low MVRV levels correlated with diminished sell pressure, indicating reluctance among holders to sell at a loss.
The recent halt of the downtrend suggested SHIB may have found its local bottom.
If the MVRV ratio begins to rise, it could signal that accumulation is underway. It potentially sets the stage for a short-term price recovery.
Anticipating an uptick in SHIB’s price while aiming for levels seen before the drop could be profitable as market sentiment shifts and holders look for a rebound.
This scenario was consistent with the analysis that a rise in MVRV often precedes price increases, driven by renewed buying interest and lessened inclination to sell at lower prices.
Total Number of Accounts on Shibarium Network
Further analysis of the Shibarium network emphasized on the sustained growth across all metrics, suggesting potential positive impacts on SHIB’s price.
Initially, the number of accounts spiked impressively, with a current tally at 222,460—a stark 80% increase over just three months, climbing from 123,068.
This expansion in user base reflected burgeoning interest and engagement on the platform.
Transaction activity mirrored this growth trajectory, with total transactions soaring to 678.437 million.
This surge in transaction volume not only demonstrated the network’s scaling capabilities but also boosted its utility and attractiveness to new users.
Gas usage on the network cumulatively reached unprecedented levels, topping out at 20.95 Trillion.
This indicated a high level of network activity and smart contract interactions, underlining the platform’s computational demand. Contract numbers also rose, reaching 23,273 for its entirety.
This growth in contracts showed the increasing developer activity and the deployment of diverse decentralized applications on Shibarium, which could entice further investment.
Collectively, these metrics—rising accounts, transaction volumes, gas usage, and contract deployments—suggested a vibrant ecosystem.
Analysts posit that such a thriving network could catalyze an uptick in SHIB’s price, potentially pushing it towards the $0.000029 mark as more users join and utilize the platform.
