Shiba Inu Price Prediction – This is Where SHIB can Bottom Out, Buying Opportunity?

cryptonews.com:

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.

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.

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.

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. 

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)