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Shiba Inu (SHIB) Price Surges 12% Amid Cautious Whale Activity Beincrypto 26 Th09 2024

Shiba Inu (SHIB) Price Surges 12% Amid Cautious Whale Activity 🐕

Shiba Inu (SHIB) has seen a 12% price surge and a sharp rise in its 7-day Market Value to Realized Value (MVRV) ratio, indicating many holders are in profit. This spike suggests potential profit-taking behavior among investors. Whale activity has been cautious with only modest accumulation, which could limit further price gains.

The 7-day MVRV ratio, jumping from 3.1% to 9.57%, is a critical metric for assessing short-term market sentiment. Historically, when SHIB's MVRV ratio exceeds 9%, it has led to significant corrections. This historical context indicates heightened risk for a potential sell-off despite the recent price jump.

Analyzing whale activity reveals that large holders offloaded considerable amounts of SHIB, leading to a 42% price drop in July and August. While there was some accumulation towards the end of August, it was short-lived, and recent accumulation has been modest. This suggests uncertainty and potential instability in the recent price pump.

The SHIB Exponential Moving Average (EMA) lines show a bullish trend with a golden cross forming, but the token faces strong resistance at $0.0001763 and $0.0001846. Breaking these levels is crucial for SHIB to test the $0.0002 mark. However, continued pressure from the MVRV ratio and cautious whale activity could reverse the upward trend.

Nguồn: beincrypto.com ↗

Bài viết tương tự (66)

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