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The price of Shiba Inu (SHIB) has set two lower highs and two equal lows since the collapse on May 12. Connecting the points of fluctuation with the help of trend lines leads to the formation of a downward triangle, which involves a rise of 26% to $ 0.0000150.
This figure is obtained by measuring the distance between the maximum and minimum of the first oscillation to the breakout point at $0.0000118.
One glimmer of hope for SHIB investors is that Bitcoin (BTC) is once again bullish. As such, investors can expect Shiba Inu to follow suit. However, before that, the SHIB price can retest the base of the descending triangle at $ 0.0000106.
One of the most significant network metrics indicating that SHIB investors are bullish is the 30-day market value to realized value (MVRV). This indicator is used to determine the average profit/loss of investors who bought SHIB in the last month.
According to Santiment’s research, an MVRV value below -10% to -15% indicates losses for short-term holders, which reduces the likelihood of selling them. However, it is also a point of accumulation of long-term holders, which is why this zone is also called the zone of opportunities.
According to CoinGecko, shib’s price is currently $0.000011 with a minimal weekly drop of 1%. The weekly figure is also negative – minus 4.3%.
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