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  • Shiba Inu’s (SHIB) Price Forecast: Why a Decline to $0.000020 Is on the Horizon
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Shiba Inu’s (SHIB) Price Forecast: Why a Decline to $0.000020 Is on the Horizon

vivian 10 June 2024
cute Shiba inu on a graph image shib
  • Shiba Inu’s price is likely to decline to $0.000020 due to increased selling pressure, as exchange inflows significantly outpace outflows and the Network Value to Transaction ratio indicates bearish sentiment.
  • Despite potential resistance around $0.000025, substantial selling positions and broader market conditions could drive the price lower.

Shiba Inu’s (SHIB) price trajectory has been a rollercoaster, and recent market activities suggest a potential downturn to $0.000020. Despite a 103% hike in volume, SHIB’s value dropped by over 4.8% in the last 24 hours, positioning the token at $0.000024. The combination of increased volume and declining price indicates substantial selling pressure.

Is SHIB Overvalued for Now?

To assess SHIB’s future, we must consider exchange flow metrics. Santiment’s data reveals that SHIB’s exchange outflows stand at 510.97 million tokens. Typically, exchange outflows suggest holders are reluctant to sell. However, inflows, measuring tokens sent to exchanges, were more than double at 1.69 billion tokens. This imbalance indicates a larger number of participants are prepared to sell their SHIB tokens, pointing towards a potential price drop to $0.000020.

This bearish outlook contrasts with the optimism from whales buying significant quantities of SHIB. While an uptrend remains possible, the token might experience a notable decline first.

Additionally, the Network Value to Transaction (NVT) ratio offers insights into investor sentiment. A declining NVT ratio suggests growing transaction volume relative to market cap, a bullish indicator. However, SHIB’s NVT ratio is currently 91.56, indicating a high network value and bearish investor sentiment. Historically, increases in the NVT ratio have coincided with price drops, further supporting the likelihood of a price decline.

Should buying pressure increase, SHIB could face resistance around $0.000025. Analysis of the In/Out of the Money indicator shows that 31,940 addresses acquired 11.84 trillion tokens between $0.000024 and $0.000025. Many of these addresses are currently at a loss, making this range a potential resistance zone due to anticipated selling.

Therefore, even if SHIB’s price increases, it may not sustain a rally. Holders might seize the opportunity to take profits, pulling the price back down.

Considering these factors, SHIB could potentially decline to $0.000022. In a severely bearish market, the price might even plummet to $0.000020. However, broader market trends, particularly Bitcoin’s performance, could influence SHIB’s trajectory. A Bitcoin rebound might invalidate the bearish predictions for SHIB.

While SHIB’s future holds some promise, current indicators suggest a decline to $0.000020 is a strong possibility. Traders should closely monitor market dynamics and be prepared for potential fluctuations.

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Previous: Bitcoin’s (BTC) Bullish Future: Whales Open Long Positions at $69K
Next: Binance (BNB) Reaches 200 Million Users Amidst Crypto Boom

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