After a recent drop and three consecutive days of selling, Shiba Inu (SHIB) is showing signs of recovery. In the past 24 hours, its price has grown by 10%, and the overall digital currency market is experiencing a positive trend. Analysts suggest that a key indicator for Shiba has issued a buying signal, raising traders’ hopes of removing a zero from its price. The Market Value to Realized Value (MVRV) ratio for Shiba over the last 30 days has reached -30.76%, the lowest in the past two years. This index reflects the profits or losses of investors who have bought Shiba in the last 30 days. Typically, when MVRV reaches the range of -15% to -30%, selling pressure increases, but this situation can lead to a price rebound. In the past, such conditions have led to Shiba’s price growing by two digits. Since MVRV is currently in the opportunity range, there is a possibility of a price increase. Additionally, in the last 24 hours, Shiba’s token burn rate has increased by over 550%, with over 4 million SHIB tokens removed from circulation. This has strengthened the tokenomics of this cryptocurrency and boosted investor optimism. Currently, Shiba’s price is around $0.00001510, needing over 549% growth to drop a zero from its price. Given the recent downward trend, this increase seems unlikely in the short term. Furthermore, the Relative Strength Index (RSI) is at 30, indicating an oversold condition. Trading volume has also decreased, reaching $875 million, a sign of reduced trader participation. Currently, the most significant resistance levels for Shiba are at $0.00002, $0.000025, and $0.00003, requiring increased demand and more market excitement to surpass them. On the real-time digital currency price page, you can monitor the prices of all tokens and cryptocurrencies live and in real time.
