Shiba Inu (SHIB) price is exhibiting potential for growth as multiple indicators suggest an upward trend. In the last 24 hours, SHIB gained 5%, and its 7-day MVRV metric indicates holders are near break-even, reducing selling pressure and creating room for further gains.
Whale holdings have shown a slight decline, though gradual, indicating a limited impact on SHIB's price trend. The nearing golden cross of EMA lines signals a bullish trend that could propel SHIB towards testing key resistance levels if the uptrend strengthens.
At a current 7-day MVRV of -0.04%, SHIB remains close to its break-even point for recent buyers, with a historically proven potential for price growth until the MVRV surpasses 4%, leading to increased selling activity.
From October 31 to November 1, SHIB holders with over 1 billion tokens declined from 11,024 to 10,981. This gradual whale wallet reduction may not significantly impact SHIB’s price due to the slow rate of decrease, suggesting a continuation of the current trend without major disruptions.
With EMA lines showing a potential bullish setup, a golden cross could indicate increased buying momentum and suggest an uptrend in market sentiment. SHIB could test resistance at $0.00001959, possibly rallying to $0.00002171 for a 23% gain.
If the golden cross doesn't occur and the uptrend doesn't hold, SHIB’s price may reverse, first testing support at $0.00001583 and potentially falling to $0.00001296.
