The price of the digital currency Shiba Inu (SHIB) has been stable in the past two weeks, aiming to recover from recent losses. Despite the stagnation, market movements suggest Shiba may soon resume its upward trend. According to analysts, the Market Value to Realized Value (MVRV) ratio has entered the opportunity zone ranging from -9% to -21%, historically indicating potential price changes. Investors tend to hold their positions instead of selling in this zone, leading to asset accumulation at lower price levels and reducing selling pressure. Whenever the MVRV ratio enters this zone, Shiba has shown a tendency to bounce back. The current market conditions align with this pattern. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows decreasing downward pressure, hinting at a possible bullish crossover signaling a shift from negative to positive movement. This signal has historically coincided with price uptrends. Based on market data, Shiba’s price fluctuated between $0.00002341 and $0.00002093 in the past two weeks, currently standing at $0.00002118. Considering the improvement in technical indicators, a drop below this range seems unlikely. To initiate a recovery rally, the price must turn $0.00002341 into a support level and surpass the key resistance at $0.00002606. Breaking this resistance could mark the beginning of a new uptrend. Conversely, if downward pressure persists, the price may decline to $0.00001961. Maintaining key support levels is vital for market optimism. Visit the digital currency price page to monitor all tokens and cryptocurrencies live and in real-time.
