The price of Shiba Inu (SHIB) has stabilized around $0.0000086, showing signs of a potential recovery amid several favorable indicators. Momentum analytics reveal a distinct bullish divergence, bolstering the notion that SHIB may be on the cusp of an upward trend. This possibility is further reinforced by Shiba Inu’s recent collaboration with the crypto exchange Bitget to introduce a unique SHIB-branded payment card.
Announced through Shiba Inu’s official X account, this partnership is set to allow users to utilize their crypto assets for everyday transactions, effectively enhancing SHIB’s real-world applicability. Such integrations signal a commitment to increasing user adoption and nurturing long-term growth within the Shiba Inu ecosystem.
From an analytical standpoint, Shiba Inu’s Market Value to Realized Value (MVRV) metric, as tracked by Santiment, indicates that the cryptocurrency is currently undervalued. The 30-day MVRV ratio sits at a negative 10.09%, suggesting that the asset is primed for increased buying activity. Historical trends show that similar MVRV levels have often preceded price recoveries.
In addition to valuations, data from derivatives markets lend credence to a bullish sentiment surrounding SHIB. Coinglass’s OI-Weighted Funding Rate indicates that traders are increasingly betting on a price rise rather than a decline, as evidenced by a positive funding rate of 0.012%—the highest observed since early October. Historically, shifts from negative to positive funding rates have correlated with notable price increases for SHIB.
Supporting this upward trajectory, CryptoQuant’s summary data reveals significant whale activity and robust buying in the spot market, further suggesting a consolidating recovery rally.
On the technical front, the daily price chart for SHIB reveals a bullish RSI divergence. After facing rejection at the 50% retracement level of $0.0000099 on November 13, the price dipped nearly 10% before stabilizing around its current value. The formation of a lower low amidst rising RSI readings suggests the possibility of a trend reversal.
If SHIB manages to sustain momentum, there’s potential for it to advance towards the key retracement level at $0.0000099. Conversely, should corrective pressure emerge, it may lead the price to test lower levels, with Wednesday’s low of $0.0000082 serving as a notable support point. Overall, a mixture of positive market sentiment, robust analytical indicators, and strategic partnerships positions Shiba Inu for potential growth in the near future.
