Shiba Inu (SHIB) Presents Buying Opportunity, Yet Rally Could Be Delayed
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Shiba Inu (SHIB) experienced a market dip on August 5 but rebounded from a five-month low, raising speculations of a price increase. On-chain data, including Daily Active Addresses (DAA) and Market Value to Realized Value (MVRV) ratios, suggest a buying opportunity, as SHIB appears undervalued. Currently, SHIB's price DAA is 12.17%, signaling active user participation outpacing price growth.
However, technical analysis presents a contrasting perspective. SHIB formed a descending channel, indicating a bearish continuation. The Bull-Bear Power (BBP) indicator is also negative, suggesting bears have more strength. SHIB's price could consolidate between $0.000012 and $0.000014 or decline to retest $0.000010.
Despite bullish on-chain signals, a notable upswing in SHIB’s price might not be imminent due to bearish technical indicators. Increased buying pressure may invalidate this and push SHIB's price to $0.000017.
Source: beincrypto.com ↗
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