Shiba

Rally

when

Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-foresees-shiba-inu-rally">Analyst Foresees Shiba Inu Rally</a><br></p>
<p style="text-align: justify">Popular cryptocurrency analyst Ali Martinez has predicted a possible 20% rally for Shiba Inu (SHIB). Martinez based his analysis on technical indicators, sharing a 4-hour SHIB/USD chart that indicates the <a href="https://en.bitcoinhaber.net/pepe-coin-sees-surge-in-investor-interest">token</a> is currently in a descending channel. According to him, this pattern may signal an upcoming breakout, propelling SHIB to higher values.</p> 
<h2 id="what-are-technical-indicators-saying">What Are Technical Indicators Saying?</h2> 
<p style="text-align: justify">A descending channel is identified when two downward trend lines are drawn above and below the <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">price</a>. The upper trend line acts as resistance, while the lower one serves as support. Martinez noted that Shiba Inu has formed lower highs and lower lows along five trend lines, which could mean that a breakout is imminent.</p> 
<p style="text-align: justify">As of now, SHIB is trading at $0.0000236, marking a 7.42% increase over the last 24 hours. If this trend persists, SHIB could touch $0.00002954 in the near future. Additionally, the Market Value to Realized Value (MVRV) ratio supports this prediction. The MVRV ratio, which measures profitability, suggests that SHIB might be undervalued, thereby favoring a possible price increase.</p> 
<h2 id="where-is-shiba-inu-heading-next">Where Is Shiba Inu Heading Next?</h2> 
<p style="text-align: justify">The 30-day MVRV ratio for Shiba Inu stands at -1.239%, indicating that current holders would incur a loss if they sold their tokens now. Therefore, the downward trend might persist unless the ratio moves into positive territory, which would bolster the bullish outlook. The data also shows a significant reduction in the supply of SHIB on exchanges, suggesting that <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">investors</a> are holding onto the token, potentially reducing short-term selling pressure.</p> 
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2> 
<p style="text-align: justify"> – Shiba Inu is in a descending channel, pointing to a potential breakout.<br> – A 7.42% rise in SHIB’s price over the last 24 hours could be the start of a rally.<br> – The MVRV ratio indicates SHIB might be undervalued, supporting a bullish outlook.<br> – The reduction in exchange supply suggests investors are holding SHIB long-term, minimizing short-term selling pressure. </p> 
<p style="text-align: justify">If these trends continue, Shiba Inu could experience significant gains, reinforcing the optimistic forecasts put forth by analysts like Ali Martinez. <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">Investors</a> should keep an eye on technical indicators and <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">market</a> metrics to make informed decisions about their SHIB holdings.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analyst-foresees-shiba-inu-rally">Analyst Foresees Shiba Inu Rally</a></h5>

Analyst Foresees Shiba Inu Rally

Table of Contents

BH NEWS

Other articles published on May 14, 2024

There is a New Development in the $9.2 Billion Mt. Gox Earthquake in Bitcoin

Crypto exchange OKX launches local regulated entity in Australia

Biden blocks China-backed crypto mining firm from Wyoming

FLOKI Price Prediction: As FLOKI Soars 21% To Outperform SHIB, BONK, And WIF, Experts Say This DO...

KANG altcoin presale gains momentum; Render, Solana show exciting developments

Coinbase Resolves System-Wide Outage, Here’s All

Join our free newsletter for daily crypto updates!