đ” According to AMBCrypto: What to expect from $SHIB ?
To see whether Shiba Inu will manage to exit from the pattern, AMBCrypto analyzed the meme coinâs on-chain metrics.
We found that after a massive spike on the 28th of April, the meme coinâs network-to-value (NVT) ratio dropped sharply.
For starters, a drop in the metric means that an asset is undervalued. Therefore, the chances of SHIBâs price moving up seemed likely.
On top of that, buying pressure on SHIB was also rising, which can be inferred as a bull signal. AMBCryptoâs analysis of Santimentâs data revealed that Shiba Inuâs exchange outflow spiked.
Its Supply on Exchanges also dropped, while its Supply outside of Exchanges increased. This further proved the fact that buying pressure on SHIB was high.
Nonetheless, it was surprising to note that despite the recent price increase, Shiba Inuâs MVRV ratio remained low.Â
We then took a look at SHIBâs daily chart to find out what technical indicators had to suggest. While the metrics looked bullish, the indicators told a different story.
The meme coinâs MACD displayed a bearish crossover. Its Money Flow Index (MFI) also registered a downtick as it went under the neutral mark.
These indicate that the possibility of Shiba Inuâs bull rally coming to an end canât be ruled out yet