Shiba Inu (SHIB) was poised for a 43% surge in value before broader market downturns impacted its trajectory.
Despite these challenges, SHIB still enjoys strong backing from both market forces and dedicated investors who could lead a recovery effort.
The influence of investor activities on Shiba Inu’s price is well-documented, with the meme coin typically responding well to proactive investor movements.
Current market data, specifically the Market Value to Realized Value (MVRV) ratio, positions SHIB in a zone ripe for opportunities.
This ratio is pivotal as it tracks the profits and losses of investors. Presently, Shiba Inu’s 30-day MVRV stands at -9.7%, suggesting that many are facing losses, which historically signals a phase of accumulation.
Past trends indicate that when MVRV values range between -9% and -19%, it usually marks a promising accumulation point for the cryptocurrency.
If investors decide to capitalize on SHIB at its current price, they stand to gain from a potential market rally.
This anticipated price increase is largely expected due to optimism surrounding the upcoming Bitcoin halving event, scheduled in the next 12 hours.
This event, which will cut Bitcoin mining rewards by half, has traditionally initiated significant market rallies.
With a strong current correlation coefficient of 0.83 with Bitcoin, SHIB is likely to benefit from any positive shifts resulting from Bitcoin’s market movements.
As a result, Shiba Inu’s price is set to climb. Currently priced at $0.00002311, SHIB is on the verge of a rally expected to elevate its value to $0.00002835.
This 23% increase depends on its ability to surpass and sustain above the $0.00002584 resistance level, potentially setting it up to revisit and possibly achieve the initial 43% rally target indicated by the symmetrical triangle pattern.
Conversely, should SHIB fall below the $0.00002039 support level, its price could face a significant drop to $0.00001473, effectively negating the optimistic forecasts and reflecting a severe market downturn.
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