On-chain indicators suggest that SHIB might have hit a local price bottom on 5 October. Therefore, a price rally might be on the horizon.might be poised for a rally after hitting a local price bottom during the intraday trading session on 5 October, according to on-chain data sourced fromIn timing local bottoms, the Age Consumed metric has proven effective. This metric tracks the number of tokens changing addresses on a certain date, multiplied by the time since they last moved.
Conversely, when the Age Consumed metric dips, long-held coins remain in wallet addresses without being traded. According to data fetched from Santiment, SHIB’s Age Consumed climbed to 200.78 trillion on 5 October, marking its highest daily value in the last month. The altcoin’s price closed the trading day at $0.0000071 and has since slightly increased.Another on-chain metric that suggested that SHIB logged a price bottom on 5 October was its Network Profit and Loss metric.