SHIB is hovering at key resistance at $0.0000259, can it break out?
Although SHIB generally exhibits low volatility, it has recently encountered resistance at key resistance at $0.0000259, which limits its potential upside. If SHIB can break out and turn this resistance into support, we may see the meme coin move towards its March highs.
According to CoinMarketCap, SHIB's price has fallen by more than 1% over the past week. Currently, Shiba Inu Coin is trading at $0.00002473 with a market cap of $14.57 billion, showing that it still occupies an important position in the crypto market.
Future Outlook for Shiba Inu Coin
The latest on-chain metric analysis, especially a deep dive into Glassnode data, shows that SHIB's network value to transaction ratio (NVT) has recovered after a period of sharp decline. A rise in the NVT ratio usually indicates that the asset may be overvalued, which may put pressure on SHIB's short-term price trend.
Despite facing some unfavorable technical indicators, SHIB's market performance is worth keeping a close eye on. If it can effectively overcome the current resistance and consolidate its market position, SHIB may show greater potential in the next trading. However, investors should be aware of market volatility and be prepared for possible price fluctuations, especially in the current complex market environment.
