Is Shiba Inu (SHIB) a Good Buy Right Now?
Shiba Inu (SHIB), the second largest meme coin, experienced a significant dip on August 5, hitting a five-month low before rebounding a few days later.
This bounce raised hopes of a price surge, but SHIB has not yet met these expectations, though its current price might be an attractive buy.
Santiment’s analysis reveals insights through SHIB’s price and Daily Active Addresses (DAA). A rise in DAA typically hints at price growth, while a drop suggests the opposite. Currently, SHIB’s DAA indicates a buying opportunity with a 12.17% positive divergence.
Supporting this, the Market Value to Realized Value (MVRV) ratio, which assesses market profitability, shows SHIB is undervalued with a ratio of 0.69. This implies more unrealized losses than gains, suggesting potential for accumulation before a price increase.
READ MORE:
Ripple Warns of Escalating XRP Scams Following SEC RulingDespite positive on-chain signals, technical analysis shows SHIB in a bearish descending channel since mid-July. At $0.000014, it hasn’t broken out of this pattern, indicating limited near-term upside. The Bull-Bear Power (BBP) indicator also favors bears, pointing to potential price consolidation between $0.000012 and $0.000014, or a possible drop to $0.000010. However, increased buying pressure could push the price up to $0.000017.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
How to outperform Bitcoin — The ultimate benchmark of digital assets
Bitcoin rebounds above $57,000 ahead of Trump-Harris debate
After dropping to $52,500, Bitcoin rebounded above the $57,000 mark, triggering significant short liquidations.Analysts highlighted that upcoming U.S. political events, economic data, and the Fed’s interest rate decisions could impact bitcoin price movements.
![](https://img.bitgetimg.com/multiLang/image/social/2e8dbd283ce01b26945673fda2b565341725964260308.jpg)
Bitfarms postpones ‘special meeting’ over Riot’s board change demand
SEC Secures $4.7 Billion From Crypto Enforcement This Year, A 3,018% Surge Driven By Terraform Labs Settlement
![](https://img.bitgetimg.com/multiLang/image/social/c133880799cd0ee482e00328938c48ea1725961348068.png)