![30 Brilliant Marketing Email Campaign Examples [+ Template]](https://www.hubspot.com/hubfs/email-marketing-examples_29.webp)
.png)
Will Shiba Inu [SHIB] drop down to $0.000018?
The post Will Shiba Inu [SHIB] drop down to $0.000018? appeared on BitcoinEthereumNews.com. SHIB’s network was closing in on overvalued levels, and could draw the price down. Holders accumulated trillions of tokens between $0.000020 and $0.000023, indicating a possible uptrend rejection. In the last seven days, Shiba Inu’s [SHIB] price has decreased by 10.69%. According to AMBCrypto’s analysis, this decline might continue in the near term, suggesting that SHIB holders might need to wait a bit longer before a rally appears. One metric fueling this thesis is the Network Value to Transactions (NVT) Ratio. A high NVT Ratio suggests that the market cap of a token is growing faster than the transfer volume. Most times, a situation like this coincides with a market top. On the other hand, a low NVT Ratio implies that utilization of the network is outpacing the market cap. It’s a struggling period for the token Historically, low NVT Ratios have been known to foreshadow bullish trends. For Shiba Inu, the NVT Ratio according to Glassnode, the metric was seen rising. On the 11th of June, the ratio was 24.58. But at press time, the reading had increased to 86.80. This increase indicates a shifting narrative that support overvaluation of the Shiba Inu network. Therefore, it could be challenging for SHIB’s price to bounce off the lows. Source: Glassnode At press time, SHIB changed hands at $0.000020. In a previous article, AMBCrypto had explained how the price might decrease to this level. Now that it has come to pass, another decline might occur. This time, depending on the NVT ratio trend, SHIB could slip to $0.000018. Beyond the above-mentioned metric, the Exchange Net Position Change also supported the potential fall in price. A positive value of the Exchange Net Position Change indicator that the supply ready for sale has increased. Conversely, a negative reading implies that market participants are…
![Will Shiba Inu [SHIB] drop down to $0.000018?](https://ambcrypto.com/wp-content/uploads/2024/06/shiba-inu-news-1000x600.webp)
The post Will Shiba Inu [SHIB] drop down to $0.000018? appeared on BitcoinEthereumNews.com.
SHIB’s network was closing in on overvalued levels, and could draw the price down. Holders accumulated trillions of tokens between $0.000020 and $0.000023, indicating a possible uptrend rejection. In the last seven days, Shiba Inu’s [SHIB] price has decreased by 10.69%. According to AMBCrypto’s analysis, this decline might continue in the near term, suggesting that SHIB holders might need to wait a bit longer before a rally appears. One metric fueling this thesis is the Network Value to Transactions (NVT) Ratio. A high NVT Ratio suggests that the market cap of a token is growing faster than the transfer volume. Most times, a situation like this coincides with a market top. On the other hand, a low NVT Ratio implies that utilization of the network is outpacing the market cap. It’s a struggling period for the token Historically, low NVT Ratios have been known to foreshadow bullish trends. For Shiba Inu, the NVT Ratio according to Glassnode, the metric was seen rising. On the 11th of June, the ratio was 24.58. But at press time, the reading had increased to 86.80. This increase indicates a shifting narrative that support overvaluation of the Shiba Inu network. Therefore, it could be challenging for SHIB’s price to bounce off the lows. Source: Glassnode At press time, SHIB changed hands at $0.000020. In a previous article, AMBCrypto had explained how the price might decrease to this level. Now that it has come to pass, another decline might occur. This time, depending on the NVT ratio trend, SHIB could slip to $0.000018. Beyond the above-mentioned metric, the Exchange Net Position Change also supported the potential fall in price. A positive value of the Exchange Net Position Change indicator that the supply ready for sale has increased. Conversely, a negative reading implies that market participants are…
What's Your Reaction?
