Shiba Inu is on fire and has recently increased by almost 30%, indicating that a bull run could not be far off.
On August 14, SHIB’s price increased by more than 30%. Shiba Inu trade volume reached its greatest point of 700% yesterday (since April 12)
Because SHIB has had a lengthy period of MDIA, traders should proceed with care.
The SHIB price reached a top of $0.00017, which is much more than it has been since May 10. Additionally, during the weekend, trade volume increased by 700%, the biggest level since April 12.
During the August trading session, whale transactions saw a significant upswing on the Shiba Inu network, rising to as much as $100,000. A record-breaking number of transactions totaling more than $100,000 were completed in the last three months, thanks in large part to the 400 or so whale deals that were completed. Everyone can see that Shiba Inu is on fire.
Indicators Of Premature Bull Run
According to SHIB’s movement on a daily basis, it appears that the weekend price rise was an early indication of a bull run.
The MACD position isn’t indicating any prospective bull run because the MFI and RSI are charting the overbought zones. Evidently, there were no MACD and trend line crossovers that may have shown a significant upswing.
SHIB is now trading at $0.00001619 on CoinMarketCap, up 2.72% from when this article was written. Despite the coin’s overnight price increase, the MVRV for 1D is low at -7.498%, suggesting that not many investors profited from the price increase.
The MVRV for 30D, however, is shown to be positive at +28.32%.
Showing Extended MDIA
The MDIA, or Mean Dollar Invested Age, refers to the mean or average of all the tokens and/or currencies on the blockchain-based on price and is another measure that investors should take into account.
The MDIA shows that the tokens remain inactive in wallets as it rises. A prolonged MDIA rise signals that the network is in a slow or stagnant phase, which will make it very difficult to drive the price higher.
Shiba Inu’s MDIA demonstrates that it has had its MDIA extended for at least six months. Having said that, traders must use caution whenever they enter a position because the MDIA suggests that SHIB may decline.
Dogecoin (DOGE), a different dog meme coin, also had impressive increases in yesterday’s trading session despite Elon Musk’s odd silence on the coin for several months.
Read the latest cryptocurrency news.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post