Summary
TLDR: Shiba Inu (SHIB) price was expected to rally by 43% but fell due to market bearishness. However, investors are preparing for a potential recovery. The MVRV ratio suggests an accumulation opportunity for SHIB. With a high correlation with Bitcoin, SHIB’s price is expected to rise in response to the upcoming Bitcoin halving event. If SHIB can flip resistance into support, it could see a 23% rise. But if support is lost, price could decline significantly.
Key Points
1. Shiba Inu (SHIB) price was expected to note a 43% rally before the meme coin fell victim to broader market bearishness.
2. SHIB has the support of not just the market but also its investors in potentially initiating recovery.
3. Shiba Inu Investors Prepare for a Rally
Shiba Inu’s price has seen the impact of its investor’s actions in the past. The meme coin tends to react positively to a bullish move from them, which is the anticipated outcome this time. According to the Market Value to Realized Value (MVRV) ratio, SHIB is in the opportunity zone.