New York City, NY – Despite recent price fluctuations, the long-term outlook for Shiba Inu (SHIB) remains optimistic, with key technical indicators pointing towards a potential long-term rally. The meme coin is currently trading at $0.000025, experiencing a 20% decrease in value over the past month.
One significant indicator to note is SHIB’s Moving Average Convergence/Divergence (MACD), which indicates positive market trends and price momentum. At present, SHIB’s MACD line is above its signal line, a bullish signal that often prompts traders to consider long positions over short ones.
Furthermore, momentum indicators like the Relative Strength Index (RSI) and Money Flow Index (MFI) suggest sustained demand for SHIB, with traders favoring accumulation over distribution. The Accumulation/Distribution Line also reflects an uptrend, indicating increasing money flow into the asset.
Despite a double-digit price decline in the past month, SHIB whales holding between 100 and 1,000,000 SHIB coins have continued accumulating, with their numbers increasing by 4% in the last 30 days. Additionally, these holders have remained resilient despite daily transactions resulting in losses, with a daily profit-to-loss ratio for SHIB transactions at 0.359.
On-chain data further reveals that SHIB’s Market Value to Realized Value (MVRV) ratio has signaled a buying opportunity, with ratios on the 30-day and 365-day moving averages at -132% and -147%, respectively. A negative MVRV ratio indicates that the asset is undervalued, presenting an appealing buying opportunity for investors.