Bitrabo Editorial
The price of Shiba Inu (SHIB) has fallen by 15% this month due to the 9% decline in the global crypto markets and the increasing popularity of newly-emerged meme coins. However, the team behind Shiba Inu has introduced new products and community campaigns that are attracting new users to the platform. In addition, on-chain data shows mild-bullish signals which could potentially trigger a price rebound for SHIB.
Rising Network Growth
Despite the recent price downtrend, the number of new users on the Shiba Inu ecosystem has increased. The network growth has surged 34% from 877 on May 21 to 1,180 on May 24. This evaluates the user acquisition rate by summing up all new SHIB wallet addresses created daily. Bullish stakeholders could attribute this growth to the newly-announced Shiba Inu cold wallet, which has garnered a positive response from the community and the media. The product launch is slated for May 29 and is expected to deepen SHIB adoption rates globally.
Decreasing Selling Pressure
The Market Value to Realized Value (MVRV) ratio shows that Shiba Inu investors are now holding nearly 4% unrealized losses. With a net-loss position of 4%, Shiba Inu investors may be unwilling to sell and could potentially stop selling to keep their losses below 5%, triggering a SHIB price rebound.
Bullish Price Prediction
If SHIB gains bullish momentum, it will face minimal resistance until it reaches $0.000009. Sell pressure from 19,600 investors that bought 3.82 trillion SHIB at the average price of $0.000009 could trigger a pullback. However, if Shiba Inu bulls manage to breach that resistance, SHIB could rally as high as $0.000010. On the other hand, if the current downtrend reaches $0.000008, the bears could invalidate the bullish SHIB price prediction. But the potential buy-wall mounted by 28,690 investors that 9.6 trillion SHIB at an average price of $0.000008 could prevent the drop. Shiba Inu may slide towards $0.000007 if that support level does not hold.
Disclaimer
This analysis is for informational purposes only and should not be considered financial or investment advice. Bitrabo commits to unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.