SHIB: HODL or Sell? Analysis of Shiba Inu Price Hike in May 2024

Bittime – Shiba Inu (SHIB) is back in the spotlight. Analysts predict this token has the potential to soar up to 20% in the coming days. This bullish sentiment is driven by several key factors identified by analysts.

Breakout Opportunities from the Descending Channel Pattern

Ali Martinez, a leading crypto analyst, pointed out the Descending Channel pattern forming on the SHIB price chart. This pattern, characterized by progressively lower highs and lower lows, often precedes a breakout into a resistance level. With SHIB currently trading close to a descending channel pattern, a breakout could push its price to the $0.00002954 level.

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Potential Undervalued SHIB Price in May

On-chain analysis using the Market Value to Realized Value (MVRV) ratio shows SHIB may be undervalued (below intrinsic value). This metric shows the average loss for holders who sell at the current price. However, a decline in the negative MVRV ratio signals a potential price increase as the market corrects this “undervaluation”.

MVRV SHIB | Source: Santiment

SHIB HODL-ing Trend Increases

An examination of the SHIB supply distribution across exchanges reveals important trends. The supply of tokens on exchanges, a potential indicator of short-term selling pressure, has decreased significantly. In contrast, supply outside exchanges, representing long-term holders (HODLers), has seen a substantial increase. 

This indicates a growing community holding SHIB, potentially fueling price increases in the near future.

Also read: What is HODL?

Supply of SHIB | Source: Santiment

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SHIB to USDT Price Today

According to Bittime Exchange today (15/05/2024) the price of SHIB to USDT is at $0.00002312 and over the last 24 hours it has increased by +0.08%

SHIB to USDT via Bittime Exchange

Will the Rise Last? 

Although technical indicators and on-chain data paint a bullish picture, the crypto market remains volatile. Whether SHIB can sustain its predicted gains depends on a variety of factors, including broader market sentiment and potential news events.

Let's take a deeper look at some of the factors that could influence potential upside:

• Community Strength: The Shiba Inu community is known for its passionate support and active online presence. This “Shiba Army” can play an important role in driving prices up through coordinated buying and positive social media sentiment.
• ShibaSwap Ecosystem Growth: The development of decentralized exchange (DEX) ShibaSwap and its native token, BONE, may further motivate SHIB holders. Improved utility and integration in the ShibaSwap ecosystem can increase the value of SHIB.
• Whale and Institutional Activity: The actions of large investors, often referred to as “whales,” can significantly impact the price of any cryptocurrency. Increased whale activity or institutional investment in SHIB could drive the predicted rise.
• Bitcoin Performance: Historically, Bitcoin price movements have had a significant ripple effect on the broader crypto market. A strong performance by Bitcoin could provide a breath of fresh air for SHIB and other altcoins.

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How to Buy Shiba Inu (SHIB) From Bittime

You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT . To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime . 

Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

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Should You Buy Shiba Inu (SHIB) in 2024?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.