The price of the popular meme token Shiba Inu (SHIB) has not been able to recover from the downward momentum with the ongoing FTX crisis. In which direction will the pricing of the crypto currency be?
SHIB Price Analysis
The price of Shiba Inu is trading at $0.00000919, with the bearish acceleration triggered by FTX from highs around $0.00001512. The meme token is consolidating around the 2022 US dollar after jumping from the critical support level at the 0,00000830 US dollar, which was tested for the first time since June 0,00000918. The directional movement index (DMI) is shown as a sign that although the Shiba Inu price has declined to $ 0.00000918, downward pressure is still present. It is also noted that the fact that the indicator is below –DI and +DI means that the price may fall further.
However, the presence of the Stochastic oscillator at the level of 16.76 was suggested to be an indicator that there are quite a lot of sales transactions. Therefore, analysts have indicated that there may be a recovery in the cryptocurrency within the short-term time December. It is also said that SHIB’s current movement at $ 0.00000918, which is currently the market value, is an explanation.
Critical Catalyst in SHIB
In addition, according to the on-chain data obtained, it is predicted by experts that Shiba Inu is in the buying zone, and the pressure of investors to buy from the bottom this week will probably gain momentum. The market capitalization and realized value (MVRV) profit/loss model of Santiment, a data analysis firm, is at -12.15, and this number is significantly behind the average line.
The MVRV catalyst tracks the profit or loss ratio of SHIB holders by comparing the price at which the tokens they hold last moved with the current market value. In general, investors do not close their positions at a loss; they prefer to wait at least until the beginning of the positions. It has been suggested that if the current momentum continues, the bulls could make an attempt on the Shiba Inu price. In addition, Shiba Inu’s network activity remained at fairly high levels, despite the downward trend in its price. The number of daily active addresses trading the crypto currency increased from 4,056 on November 2 to 14,363 on November 13.