Market
Can the Rally Last Amid Whale Hesitation?
SHIB price has been on the move recently, with a sharp rise in its 7-day MVRV ratio indicating that many holders are in profit. Whale activity has been cautious, with only modest accumulation, which could limit further price gains. Although SHIB’s EMA lines are bullish, with a golden cross forming, the token faces strong resistance ahead.
These factors together suggest that SHIB’s current rally may face challenges sustaining momentum.
SHIB 7D MVRV Hints at Correction
As one of the leading meme coins, Shiba Inu recently saw its 7-day Market Value to Realized Value (MVRV) ratio jump sharply from 3.1% to 9.57% in just 24 hours, alongside a 12% price surge. This spike indicates that a significant portion of SHIB holders are now in profit. The MVRV ratio measures the average gains or losses of tokens in circulation relative to their acquisition prices over the last seven days, helping gauge short-term profitability.
When the MVRV ratio increases, it often signals that more investors are in the green, which can lead to profit-taking behavior. The 7-day MVRV Ratio is a critical metric for assessing short-term market sentiment. A high ratio suggests that the asset may be overbought, indicating the potential for a price correction.
Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
Historically, SHIB’s MVRV ratio crossing the 9% mark has been a precursor to major pullbacks. The last two times SHIB’s 7D MVRV ratio exceeded this level, the token experienced significant corrections of 50% and 18% in the following weeks.
Given this historical context, while the recent price jump may appear bullish, it could also signal that SHIB price is entering a phase of heightened risk for a potential sell-off.
Whales Are Not Accumulating A Lot Of SHIB
Now, let’s analyze the movement of whales in relation to Shiba Inu. From the end of July to mid-August, whales offloaded large amounts of SHIB, coinciding with a 42% drop in price over the course of three weeks.
Analyzing whale activity is important because these large holders have significant market influence. Their transactions often signal shifts in trends. When whales dump tokens, it can suggest they are expecting a price decline. On the other hand, their accumulation is generally seen as a bullish indicator, showing confidence in future price increases.
While whales began accumulating SHIB again at the end of August, this accumulation was short-lived, and they quickly dropped their holdings again. In recent days, we’ve seen some accumulation of SHIB by whales. However, the scale of this accumulation has been relatively modest compared to previous periods.
This suggests that the recent price pump might not last long, or at the very least, that whales are not fully convinced of the strength behind the current rally. The cautious accumulation from whales signals that they are still unsure. This could indicate potential instability or a lack of confidence in the longevity of the recent upward movement.
SHIB Price Prediction: Can It Break Into $0.0002?
SHIB Exponential Moving Average (EMA) lines are currently showing a bullish trend, with a golden cross forming just a few days ago. The golden cross is a widely regarded bullish signal in technical analysis. It occurs when a short-term EMA crosses above a long-term EMA.
EMA lines differ from simple moving averages by giving more weight to recent price data. When the shorter EMA is above the longer one, it indicates bullish momentum, as buyers are pushing prices higher. Conversely, a bearish signal occurs when the short-term EMA falls below the long-term EMA, signaling downward pressure.
While SHIB’s EMA lines look promising and point to a potential continuation of the upward trend, there are strong resistance levels ahead at $0.0001763 and $0.0001846. These resistance zones have historically been tough barriers for SHIB.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Breaking through them is crucial for the coin to test the $0.0002 mark. If these levels are breached, SHIB could experience a new wave of buying pressure, pushing the price toward higher highs.
If the MVRV ratio continues to put pressure on the market, and whales maintain their cautious stance, there’s a risk that SHIB’s upward trend could reverse. In that scenario, SHIB could find itself testing critical support levels at $0.00015 and $0.00013, as meme coins are currently trying to get back to the hype from previous months.
A breakdown of these support levels could lead to a bearish shift in market sentiment, undoing much of the recent gains.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, 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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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