Shiba Inu (SHIB) price has shed more than 16% of its value in the last seven days alone, but a rebound may be on the way. On-chain data and technical indicators show that Shiba Inu price has hit a local bottom and a reversal is now imminent. At press time, SHIB trades at $0.0000141 with a 3% decline in 24 hours. Trading volumes were up by 88% according to data from CoinMarketCap. Has Shiba Inu Price Formed a Local Bottom? After losing over 16% in just one week, on-chain data indicates that a SHIB price bottom has been formed. The MVRV ratio is currently at the same level that it was in Q3 2024, before Shiba Inu made an explosive upward rally. Shiba Inu MVRV Ratio If history rhymes, which is usually the case with most meme coins and the crypto market, the price of SHIB may overcome bearish trends… Read More at Coingape.com
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