Shiba Inu Price Prediction – This is Where SHIB can Bottom Out, Buying Opportunity?
Shiba Inu price is trading at $0.00001183, consolidating around a support level. It seems that SHIB is in the buy zone but lacks a catalyst to trigger a sustainable uptrend.
Buying Opportunities in Shiba Inu Price
Shiba Inu's supply held by top non-exchange wallets continues to maintain a positive outlook despite the extended declines in the bear market. According to Santiment, this address cohort currently accounts for nearly 600 trillion of SHIB's total supply compared to 558 trillion in April 2022.
This 7% growth implies that sentiment toward Shiba Inu price is still positive, despite the ongoing bear market forces. With whales (large holders) continuing to add to their stack, it is perhaps an indication that current prices are a bargain worth buying.
Shiba Inu supply held by top non-exchange wallets
The market value realized value (MVRV) on-chain metric position below the mean line corroborates the narrative that SHIB presents serious buying opportunities. With an MVRV reading at -5.30%, Shiba Inu is said to be undervalued. Investors tend to hold onto their assets or buy more in such situations, thus propping SHIB for a roll to the upside.
Shiba Inu MVRV chart
Shiba Inu Price Prediction
A descending parallel channel is the governing chart pattern on the daily chart. Shiba Inu price anticipates another retracement, possibly below the middle throughline at $0.00000900. If overhead pressure intensifies, Shiba Inu may fall down to $0.00000700. However, this seems unlikely at the moment.
The daily chart foreshadows a double-bottom pattern, where the Shiba Inu price will eventually tag its crucial support price. Shiba Inu ended June's strong downtrend at $0.00000700, rendering the level solid support.
SHIB/USD daily chart
Short-term losses will likely carry on based on insight from the Directional Movement Index (DMI). The widened gap between the -DI (orange) and the +DI (blue) means that bears have the baton and are currently unwilling to give up control.
Furthermore, the 50-day SMA (Simple Moving Average (SMA) position below the 100-day SMA reinforces the bears' influence on the price. Although this is not a typical death cross, its occurrence shows that sellers have the upper hand.
A Shiba Inu price recovery north of its current price could fizzle out as soon as it starts, especially if bulls fail to collect enough liquidity. The IOMAP model by IntoTheBlock paints a grim picture at $0.00001100.
Shiba Inu IOMAP model
As the Shiba Inu price rebounds, the 23,000 addresses which previously purchased 70.41 trillion SHIB tokens around that area may sell to breakeven. Due to the propensity of overhead pressure to rise as holders offload their bags, the Shiba Inu price may fail to break out to its recent peak at $0.00001800.
Meme Coin Alternative – Tamadoge
Another meme coin that has also entered the buy zone is Tamadoge (TAMA).
TAMA has retraced from its all-time high and has now entered the dip-buying zone. Tamadoge holds the potential to rise to $1.00 more than any other meme coin, such as Dogecoin and Shiba Inu.
Tamadoge uniquely brings together P2E gains, NFTs and the Metaverse all in its unique and expanding ecosystem. The team has also recently announced a 1,000-piece rare NFT collection on OpenSea, which has been getting significant attention online.
Buy TAMA on OKX CEX
Buy TAMA on OKX DEX
