Shiba Inu Price Stagnates, But Bullish Sentiment Suggests 40% Upside

Shiba Inu Price Consolidates, But On-Chain Metrics Suggest a 40% Rally May Be Imminent

Shiba Inu price is currently trending within a tight range after failing to sustain gains during the recent market-wide rally. Despite this consolidation, market sentiment around Shiba Inu (SHIB) remains bullish, with traders anticipating a potential surge in price. On-chain analysis indicates that SHIB could be poised for a significant rally, potentially increasing by 40%. In the last 24 hours alone, Shiba Inu’s price has risen by 3.5%, bringing it to $0.00001413.

On-Chain Metrics Indicate Bullish Momentum for Shiba Inu

Several on-chain metrics from Santiment point to a possible upcoming rally for Shiba Inu. The Network Value to Transaction (NVT) ratio for SHIB has surged back to its monthly highs, reflecting a bullish investor sentiment. This suggests that investors are pricing SHIB at a premium, likely driven by speculative interest or expectations of future growth. Supporting this bullish outlook, the network’s realized profit/loss metric has hit a four-month low, indicating that fewer investors are selling their SHIB at a profit. This drop in realized profit could be a sign that the market is indecisive, with investors holding onto their assets while awaiting clearer price signals.

Moreover, SHIB deposits to exchanges have decreased significantly over the last three days, reaching the lowest levels seen in three years. This trend suggests that investors are not moving their SHIB to exchanges for selling, possibly because they expect the price to increase in the near future.

Futures Traders Show Confidence in SHIB’s Upward Potential

The futures market also reflects bullish sentiment toward Shiba Inu. According to Coinglass’ 30-day Liquidation Map, there are significantly more long positions than short ones, indicating that traders are expecting SHIB’s price to rise. The Coinglass Crypto Derivatives Visual Screener (CDVS) shows a positive correlation between an increase in open interest (OI) and price, with both metrics rising over the last 24 hours. This trend suggests that new capital is entering the market, further supporting the potential for an upward price movement from the current consolidation phase.

Shiba Inu Faces Key Resistance and Support Levels

Shiba Inu’s recent price action suggests that it is consolidating within a defined range, bordered by key supply and demand zones. The price may encounter resistance around the $0.00001528 level, which aligns closely with the 50-day Exponential Moving Average (EMA). This dual resistance layer could pose a challenge to SHIB’s upward momentum. However, if SHIB can break above this barrier, it may surge to $0.00001760, representing a 27% increase from the current price.

On the downside, if SHIB’s price falls below $0.00001300, it could indicate market weakness, potentially invalidating the current bullish outlook. Should this occur, the price may find further support around the $0.00001080 level.

FAQ