The price of Shiba Inus has dropped by 41%, and the market is now moving into a bullish flag continuation pattern. Even with this market correction, Santiment’s data show that Shiba Inus are undervalued, which means that their prices could go up by a lot.
During this week’s stabilization, the price of Shiba Inus is just above $0.0000163, trying to stay above support that has been in place for several months. On the daily chart, the SHIB price is shown by candles that go back and forth between green and red.
There is no clear direction from buyers or sellers. The most important question is still whether the pattern will hold and lead to a new rebound, or whether Bitcoin’s possible drop below $60,000 will mark the start of another correction.
Shiba Inu Price Decline
Shiba Inu, the second-largest meme coin, started to fall from a high point of $0.0000294 in late May and is now in an adjustment phase. During the market sell-off, the price of the coin dropped more than 41%, to $0.0000172.
At the same time, the market cap dropped to $10.12 billion. The daily chart, on the other hand, shows that this drop is part of a positive continuation pattern called the flag. This chart pattern usually shows up during an established rally, giving buyers a chance to get back on the bullish track.
The MVRV Z-Score has also been used by the crypto data company Santiment to find price extremes in the cryptocurrency market. Based on their most recent research, Uniswap and Shiba Inu are cheap while Toncoin, Bitcoin, and Ethereum are overvalued.
This tool looks at the difference between the market value and the realized value. It tells you if the price is too high or too low, which puts Shiba Inu in a situation to see its price rise and make up for its recent losses.If there is a possible reversal from the lower trendline, the asset could go up by 28 to 30 percent before it hits the flag pattern’s key support.
This upper trendline might keep the SHIB price in its current downward trend for a while longer. So, a breakout from the flag pattern is necessary to show that the current rise will start up again. If buyers keep coming in, the SHIB price forecast says it could go up to $0.00003, with a further goal of $0.000045.
