Shiba Inu (SHIB) is holding steady above a crucial support point at $0.00002093, finding it difficult to surge beyond this level and initiate further gains.
As the meme coin maintains its position above the supporting level, it struggles to keep a strong upward trend, indicating increasing difficulties. Present trends hint at a possible deterioration in the situation ahead.
Shiba Inu Could Face Correction
The Network Value to Transactions (NVT) Ratio for Shiba Inu has been persistently rising, suggesting a potential overvaluation. This ratio reflects the balance between the network’s value and its transaction activity. When the network value grows much faster than transactional activity, it usually signals that the asset might be trading above its fair market value.
As a crypto investor, I’m keeping a close eye on the Network Value to Transactions (NVT) ratio, particularly for Shiba Inu (SHIB). Currently, the NVT spike indicates that network activity is outpacing transaction volumes, a situation that often precedes price corrections. This imbalance serves as a warning signal for SHIB investors, suggesting that a downward adjustment might be on the horizon. Therefore, it’s essential to stay vigilant and closely monitor this key metric to protect my investment.
As a crypto investor, I’ve been closely watching Shiba Inu (SHIB). Regrettably, its macro trend is displaying bearish signals, as evident from the Ichimoku Cloud. At the moment, SHIB’s candlesticks are lingering below this cloud, which has now turned red, signaling persistent selling pressure. This bearish configuration diminishes the prospects for a swift rebound in the near term.
In simpler terms, the current situation of the Ichimoku Cloud indicates difficulties for SHIB. If the candles don’t manage to rise above the cloud and reverse the negative trend, the meme coin may persist in its struggles, making it susceptible to a downturn.
SHIB Price Prediction: 21% Crash Ahead?
The current cost of Shiba Inu is more than 0.00002093 USD. Nevertheless, recent signs point towards a potential drop in the value of SHIB, possibly causing it to breach the crucial support level at 0.00002093 USD.
If this event occurs, the price might continue to decrease significantly, possibly dipping below $0.00001961 and potentially reaching as low as $0.00001676. This downward trend would represent a substantial 21% drop, undermining the optimistic outlook for the market.
If SHIB successfully surpasses $0.00002341 and establishes it as a support level, there’s potential for the price to climb even higher. Overcoming the resistance at $0.00002606 would undermine the bearish forecast, rekindling bullish sentiment and instilling optimism among investors.
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2025-01-14 22:33