Points
- Shiba Inu’s price remains sideways, struggling to breach resistance.
- SHIB’s NVT ratio and RSI suggest overvaluation and rising selling pressure.
- Key resistance and support levels are crucial for SHIB’s price movement.
- Continued selling pressure could lead to further price declines.
Shiba Inu （SHIB） has been moving sideways for the past few days, failing to breach a crucial resistance level. The meme coin attempted to break through the local resistance at $0.00001961 two weeks ago but was unsuccessful, leading to increased selling pressure.
The Network Value to Transactions （NVT） ratio for Shiba Inu has reached its highest point in a year and a half, suggesting that SHIB may be overvalued. The NVT ratio is a key metric used to assess the value of a cryptocurrency relative to its transaction volume. A high NVT ratio often indicates that the market value is significantly higher than the network’s activity, raising concerns about the
sustainability of the current price levels. Consequently, there could be a heightened risk of a price correction if the market begins to adjust to more realistic levels.
In addition to the high NVT ratio, Shiba Inu’s Relative Strength Index （RSI） is struggling to maintain its position in the bullish zone. The RSI, a momentum indicator that measures the speed and change of price movements, suggests that the buying momentum for SHIB is weakening. When the RSI fails to sustain in the bullish zone, it indicates rising selling pressure, which could further drive the price downward.
Beincrypto
The combination of these metrics points to a potential downturn in Shiba Inu’s price if the selling pressure continues to rise. Investors and traders should closely monitor these indicators to gauge the market’s sentiment and potential price movements.
SHIB Price Prediction: Staying in the Lane
Shiba Inu’s price could remain in consolidation mode, given the current market conditions. The price levels of $0.00001961 and $0.00001473 have historically served as key resistance and support levels, respectively. The inability to breach the resistance suggests that SHIB lacks the bullish momentum needed for a significant upward move. As such, it may continue trading within these limits until either the selling pressure dissipates or stronger bullish signals emerge.
Beincrypto
On the downside, if the support level of $0.00001473 is lost, Shiba Inu’s price could become vulnerable to a drop to $0.00001281 or lower. This would invalidate the bearish-neutral thesis and potentially lead to a more prolonged bearish trend.
Beincrypto
解説
- The high NVT ratio and struggling RSI indicate that Shiba Inu may be overvalued and facing increased selling pressure, which could lead to further price declines.
- Key resistance at $0.00001961 and support at $0.00001473 are critical levels to watch for potential price movements.
- Investors should closely monitor market sentiment and technical indicators to make informed decisions about Shiba Inu’s future price trajectory.
- The potential for a price correction underscores the importance of understanding and reacting to market dynamics in cryptocurrency trading.