Shiba Inu: Key Support Levels and Bullish Signals
Shiba Inu (SHIB) has hit a critical support level this week. It’s now trading at $0.0000115.Yet, technical indicators and whale movements hint at a potential rise.
Currently, SHIB is 35% off its May high and 65% lower than its November peak. The price drop mirrors the broader altcoin market.Total altcoin market cap fell from $947 billion in November to $583 billion.
SHIB faces internal issues, such as a weaker Shibarium ecosystem and increased selling by big holders. Given this, its value locked in decentralized apps has decreased by 20% over 30 days.
However, there are positive signs. After months of selling, whales are now buying more SHIB. data shows that holders with 1 million to 10 million tokens have increased their positions.
SHIB is also undervalued, indicated by an MVRV figure of less than 1. This suggests the market price is below its real value.
Technically, SHIB has formed a double-bottom pattern. This is a bullish signal. The Relative Strength Index has also improved,moving from 28 to 40. If it breaks above $0.00001755, it could rise by 55%. Falling below $0.0000099 would signal a potential drop.
