Shiba Inu revived buying hopes as volatility remained at 60%! The next resistance for SHIB price is:
The week started with a slight decline in prices, but as you can see from the price chart, there is now a clear recovery. Shiba Inu in particular has retested support levels, attracting buyers looking to accumulate and push prices higher. It is worth highlighting that various on-chain indicators are currently reflecting a bullish sentiment, with traders increasingly favoring long positions during this period of price volatility.
SHIB’s volatility remains at 60%
Shibarium, a network of Shiba Inu memecoins, has been experiencing significant performance, influencing demand for SHIB. In particular, despite the recent decline in SHIB prices, buying interest is increasing. This increase in acquisitions triggered a recovery rally for meme coins.
Shibarium has also seen a notable shift in trading activity. In a remarkable milestone, the number of transactions on Sybarium jumped from 29,280 a day earlier to 43,690 on November 23. However, this number has since fallen to 15,680, according to the latest data from Shibarium Scan.
Sybarium has reached a significant peak, surpassing 4 million total transactions. According to IntoTheBlock, Shiba Inu volatility has remained stable amid market corrections, indicating trading interest has remained consistent during this period.
Volatility remains above 60%, so a strong rebound is possible. Additionally, a decreasing Market Value to Realized Value (MVRV) ratio indicates a favorable scenario for the buyer. Shiba Inu’s MVRV has dropped from 1 to its current level of 0.429, making it more likely that holders will hold on to the asset.
A high MVRV ratio means traders have historically been inclined to sell, while a negative MVRV means the asset is undervalued, leading to a potential loss if all SHIBs are sold at the current price.
What’s next for SHIB pricing?
Sellers attempted to push SHIB’s price below its 200-day exponential moving average (EMA) on the 4-hour price chart, but buyers intervened, as evidenced by the bounce. In recent hours, the price of SHIB has attempted to break through the immediate resistance level to regain its old momentum. At the time of writing, the SHIB price is trading at $0.00000832, up more than 1.5% from yesterday’s rate.
Shiba Inu aims to surge beyond the immediate Fib channel to strengthen buyer confidence. However, sellers are set to open short positions at market highs. A fall below the uptrend line would signal increasing selling, which could send Memcoin into a bearish consolidation around $0.0000075.
Conversely, if the price continues to bounce from the support level, it means buyers are active at lower prices. Buyers then aim to drive and hold the price above $0.0000087. If successful, the price could gain momentum and potentially rise to $0.0000096.