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Cryptocurrency News Articles
Shiba Inu Primed for Long-Term Surge Despite Price Drop
Apr 28, 2024 at 11:00 am
Despite recent price declines, Shiba Inu (SHIB) maintains a bullish long-term outlook supported by positive technical indicators. The MACD line's position above the signal line indicates a potential rally, while the RSI and MFI suggest sustained demand. Additionally, the uptrending A/D line confirms higher accumulation, and SHIB whales continue to increase their holdings. Moreover, the negative MVRV ratio signals an undervalued asset, presenting a potential buying opportunity.
Shiba Inu Primed for Long-Term Rally Despite Temporary Price Dip
Amidst recent market volatility, Shiba Inu (SHIB), the leading memecoin, stands poised for a sustained upward trajectory, according to key on-chain indicators and technical analysis. Despite a 20% price decline over the past month, SHIB's long-term outlook remains bullish, offering promising opportunities for investors.
Bullish MACD Signal Points to Upside
Traders closely monitor the Moving Average Convergence/Divergence (MACD) indicator, which tracks market trends and price momentum. Currently, SHIB's MACD line (blue) hovers above its signal line (orange), signaling a bullish trend. This suggests that SHIB is transitioning from a downtrend to an uptrend, with the crossover marking a potential buying opportunity.
Sustained Demand Reflected in Momentum Indicators
Despite recent price setbacks, SHIB's momentum indicators indicate sustained demand for the memecoin. The Relative Strength Index (RSI) sits at 60.77, indicating that the asset is neither overbought nor oversold. Meanwhile, the Money Flow Index (MFI) reads 69.82, suggesting that buying pressure continues to outweigh selling pressure.
Accumulation/Distribution Line Confirms Accumulation Trend
Adding further credence to the bullish sentiment, the Accumulation/Distribution Line (A/D Line) for SHIB is on an upward trajectory. This indicator measures the cumulative flow of money into and out of an asset over time. Its upward trend suggests that more money is flowing into SHIB, indicating a preference for accumulation over distribution.
SHIB Whales Undeterred by Price Drop
Despite the recent price decline, SHIB whales, investors holding between 100 and 1,000,000 SHIB coins, have intensified their accumulation activities. Data from Santiment reveals that the number of these whales has increased by 4% in the past 30 days, totaling 299,000 at the time of writing.
On-Chain Metrics Flash Buy Signal
Crucially, on-chain data provides further evidence of SHIB's undervalued status. The Market Value to Realized Value (MVRV) ratio for SHIB on both the 30-day and 365-day moving averages is currently negative, indicating that the coin is trading below the average purchase price of all tokens in circulation. This is typically viewed as a favorable buying opportunity, as investors can acquire undervalued assets at a discount.
Conclusion
In light of these bullish indicators and technical analysis, it is evident that SHIB possesses the potential for a significant rally in the long term. While the recent price decline may have dampened investor sentiment, the underlying fundamentals suggest that the memecoin is poised for a rebound. Investors seeking undervalued assets with strong growth potential may wish to consider adding SHIB to their portfolios.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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