Shiba Inu [SHIB] has seen an increase in volume, but the price of the altcoin has dropped by over 4.8% in the last 24 hours, currently sitting at $0.000024. Analysis of exchange flows indicates that there has been high selling pressure on the network, with 1.69 billion tokens sent to exchanges compared to 510.97 million leaving exchanges. This could potentially lead to a further drop in price to as low as $0.000020. Additionally, the Network Value to Transaction (NVT) ratio is on the rise, suggesting bearish sentiment among investors.
Despite the possibility of a decline, if buying pressure increases on the charts, SHIB could see a rise to $0.000025. However, there is a significant number of addresses holding SHIB tokens at this price level, potentially creating resistance for the token. This could lead to profit-taking and push the price back down. The In/Out of the Money indicator suggests that SHIB may decline to $0.000022 or even lower in a bearish scenario.
Traders should also pay attention to broader market movements, as a rebound in Bitcoin’s price could invalidate the bearish prediction for SHIB. It is essential to monitor external factors that could impact SHIB’s price movement in order to make informed trading decisions.
In conclusion, while SHIB has seen an increase in trading volume, various metrics indicate that the altcoin may be facing downward pressure on the charts. The exchange flows and NVT ratio suggest a bearish sentiment among investors, potentially leading the price to drop further. Traders should closely watch for key levels of resistance and support to gauge the future direction of SHIB’s price in the market.
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