Shiba Inu [SHIB] – The case in favour of a 24% upswing

ambcrypto.com:

Shiba Inu’s price has completed a bottom reversal pattern over the course of three months and five days. With the recent uptick in buying pressure, the breakout seems to be confirmed, hinting at a final call for interested investors, before triggering a massive and exponential run-up.

Between 21 February and 29 March, SHIB created two distinctive valleys, with the first one having a V-shaped recovery and the second one with a rounded bottom. The former is known as Adam and the latter Eve. 

This technical formation forecasts a 24% upswing, determined by adding the distance between the peak and the valley to the breakout point at $0.0000273. As of 29 March, SHIB had pierced the $0.0000273 hurdle and produced a six-hour candlestick close above it to confirm a decisive breakout.

Therefore, market participants can expect bulls to trigger a 24% rally to $0.0000339. While bullish, this uptrend might face minor resistance at $0.0000325, above which rests buy-stop liquidity. So, market makers are likely to push SHIB’s price above this hurdle and allow for a chance to retrace before sending SHIB to its target at $0.0000339.

This run-up would constitute a 24% upswing and is likely where SHIB will form a local top and consolidate before firmly establishing a new directional bias.

Source: SHIB/USDT on TradingView

Supporting this bullish outlook for Shiba Inu’s price is the 30-day Market Value to Realized Value (MVRV) model. This indicator is used to assess the average profit/loss of investors who purchased SHIB tokens over the past year.

A negative value below -10% indicates that short-term holders are at a loss and is typically where long-term holders tend to accumulate. Therefore, a value below -10% is often referred to as an “opportunity