The price of Shiba Inu (SHIB) has seen a noticeable decline over a period of time. But, we have recently observed a jump in the value of this cryptocurrency. And several arguments are in favor of a 24% increase in Shiba Inu (SHIB).
The Price Of Shiba Inu (SHIB) Could See A Significant Rise
The recent rise in the price of SHIB is one last call for interested investors before the cryptocurrency sees a massive and exponential rise. Indeed, the variations in the price that Shiba Inu (SHIB) experienced between February 21 and March 29 indicate an upcoming increase of 24% for the cryptocurrency. It must be said that on March 29, SHIB crossed the threshold of $0.0000273. Its price then evolved positively, remaining above this threshold for six hours.
These events indicate that Shiba Inu (SHIB) investors can expect the bulls to trigger a 24% increase in the price of cryptoor up to $0.0000339. It turns out that the peaks observed in February and which marked a rise in the altcoin had been observed last year. There had then been a 30% rise in the price of the cryptocurrency in July and August 2021. Thus, history could repeat itself this year and make investors happy by propelling SHIB to a value of $0.0000339.
That said, a 30-day MVRV (Market Value to Realized Value) model supports this bullish outlook for Shiba Inu price. Note that this indicator evaluates the average profit/loss of investors who have purchased SHIB tokens in the last month.
At the same time, a negative value below -10% indicates that short-term holders of SHIB tokens are at a loss. Precisely, this situation tends to allow long-term holders to accumulate tokens. It is for this reason that a value below -10% is often called ” opportunity zone“.
Despite the optimistic picture, there is downside risk
Shiba Inu (SHIB) uptrend may face minor resistance which would bring the value of the altcoin at 0.0000325 dollars. It must be said that above the latter, we find the Buy Stop order which automatically triggers the purchase of a currency. So, if SHIB reaches the value of $0.0000325, the market makers will be able to push its price above this resistance. They will then make it easier for him to reach $0.0000339.
Once this rise is reached, SHIB could firmly consolidate its place and, possibly, evolve beyond this value, which would mark the beginning of a new era for it. However, the price of Shiba Inu (SHIB) may experience a sharp drop. Indeed, there are chances that the cryptocurrency changes to a value of $0.0000259 and stays there, to the point of completely invalidating the bullish thesis.
The latest changes in the price of Shiba Inu (SHIB) indicate that this cryptocurrency is on track for a 24% increase, reaching a value of $0.0000339. However, nothing is certain: the bullish thesis may be invalid and SHIB may fall to $0.0000259.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.