Shiba Inu Price Prediction as Original Dog Behind Meme Becomes Unwell – Sell-Off Incoming?
Shiba Inu price hangs in the balance following news that Pumpkin, the original dog behind the meme coin, is unwell. The dog's state touches the community, with most wishing her a quick recovery. Some enthusiasts are offering to pay for the dog's medical expenses.
Shiba Inu price, like its peers in the market, is in the red ahead of the New Year. Buyers have set camp at $0.000008 as SHIB exchanges hands at $0.00000830. A rebound may stem from the demand area between $0.00000771 and $0.00000822.
Following the recent oversold conditions exhibited by the Stochastic oscillator, Shiba Inu price recovery could gain momentum. Moreover, the extended downtrend in 2022 SHIB has formed a falling wedge pattern likely to lead to a trend reversal.
The falling wedge is a bullish pattern, implying that an upside price action is on the horizon. Traders must wait for Shiba Inu to break above the upper trend line to confirm a 66% move to $0.0000015. This target is often exact and predetermined by measuring the distance between the widest points extrapolated from the breakout point.
Investors are likely buying SHIB now that the market value realized value (MVRV) is holding at -6.81%. Santiment outlines that MVRV readings below 1 infer SHIB is trading below the fair market value. Moreover, investors prefer to hold onto their tokens until the ratio returns above the mean line at 1.
As demand rises behind the token, a recovery is bound to ensue, prompting profit booking. An MVRV ratio above the mean line suggests that SHIB is back above its fair market value.
SHIB whale and shark addresses are not wasting any time based on blockchain data from Santiment. As observed below, addresses with between 1M and 10M coins now hold 0.985% of Shiba Inu's total
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