According to Santiment, SHIB’s MVRV ratio is -29.35% at the moment. This means the virtual asset is changing hands below its historical purchase price, something that traders consider the right time to buy into the market. That does not necessarily mean that its price will rebound immediately.
Although the bearish feeling is still dominating SHIB, its funding rate of -0.03% is relatively weak. The negative funding rate shows that short traders are paying the longs, indicating that more traders are betting on further declines in price.
Adding to the anxiety, the Chaikin Money Flow indicator stands at -0.03, which points toward weak buying pressure. If the demand remains weak, SHIB might slide down further to $0.000014. If the sellers begin to lose their steam, it could recover back to $0.000016.
The MVRV ratio indicates that SHIB is cheap, but the general market attitude is still pessimistic. Because a rebound is not assured, any investor wishing to “buy the dip” should exercise extreme caution.
