As a seasoned crypto investor with a knack for deciphering market trends and a penchant for Shiba Inu, I find myself intrigued by this latest analysis. The on-chain metrics suggest that we might be on the brink of a 40% rally for SHIB, which is music to my ears.
The current price of Shiba Inu is moving within a specific bandwidth, having fallen short of maintaining its position above this range during the latest market-wide surge. However, optimism among traders remains high for potential further growth, as they predict a possible 40% increase in the coin’s value. A review of on-chain indicators suggests that such an upward trend could be imminent. Over the past day, Shiba Inu’s price has risen by 3.5%, with its current trading price at approximately $0.00001413.
On-Chain Metrics Hint Shiba Inu price Rally Inbound
Based on recent data from Santiment, it appears that the price of Shiba Inu could experience an upward trend soon. The Network Value to Transaction (NVT) ratio for Shiba Inu has climbed back up to its highest point in a month. Additionally, investors’ enthusiasm for SHIB is currently high, which might be causing them to overvalue the meme coin. This premium pricing could be driven by speculative excitement or anticipation of future growth prospects.
It’s clear that this evaluation is based on the network’s profit/loss indicator, which reached a 4-month minimum during the period when Shiba Inu’s price was stable. The decrease in realized profits indicates fewer investors are offloading their assets at a gain, likely because there haven’t been significant price fluctuations since the price has remained steady.
Additionally, it hints that the market may be uncertain since investors could potentially be keeping their investments on hold, anticipating more definite signs before taking action.
As a result, there has been a decrease in Shiba Inu (SHIB) deposits into exchanges for the past three days, reaching a three-year low. This suggests that investors might be holding onto their assets instead of selling them on exchanges, as they may believe the price will rise in the future.
Futures Traders are Bullish on SHIB Price
Based on the 30-day Liquidation Map from Coinglass, there’s a significant excess of long positions over short ones. This disparity indicates that optimism about the price increase of Shiba Inu is strongly influencing the market, as traders expect further upward movements in its value.
Moreover, the Coinglass Crypto Derivatives Visual Screener (CDVS) demonstrates a correlation between rising open interest (OI) and price for SHIB, suggesting that traders are buying more SHIB on margin. This trend implies an influx of fresh investment into the market, potentially strengthening the upward momentum following the recent consolidation period.
Based on the latest market movements, Shiba Inu (SHIB) appears to be holding steady within a specific price band, which is demarcated by key areas of both supply and demand. This suggests that there’s currently not much decisive momentum in either direction.
The estimated cost of SHIB might encounter a roadblock near the approximate level of $0.00001528, which is considered a supply zone. This region also coincides with the 50-day Exponential Moving Average (EMA), creating an additional barrier to its ascent. If SHiba Inu manages to breach this obstacle, it could potentially escalate to $0.00001760, representing a 27% increase from the present value.
As a crypto investor, if the price of Shiba Inu (SHIB) consistently stays below $0.00001300, it could indicate market vulnerability, casting doubt on the current bullish outlook. The SHIB price might find additional support at around $0.00001080 in this scenario.
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2024-08-30 09:14