The price of the Shiba Inu has entered an upward trend since mid-July, signaling a possible upward movement in the future. The observed increase in SHIB's NVT ratio and other market indicators point to a potential breakout.
Although there has been fluctuation in the price of SHIB over the past week, recent trends support the upward trend. As of mid-July, the price of Shiba Inu has entered a consolidation phase and a new bullish pattern is emerging. If this model is broken, it is predicted that there may be a significant upward movement.
According to CoinMarketCap data, SHIB lost more than 2% last week, but is up 2.4% in the last 24 hours. Currently, Shiba Inu is trading at $0.00001721 and its market cap exceeds $10.14 billion, making it the 13th largest cryptocurrency. Additionally, a bullish wedge pattern has been observed on SHIB's 12-hour chart since July 15, indicating that a breakout may occur soon after the consolidation process.
Analysis of SHIB's metrics revealed some interesting findings. Glassnode's data shows an increase in the NVT rate; This indicates that the asset may be overvalued and the potential for a price correction. Santiment data reveals that large addresses holding SHIB did not show any significant movement, but there was a slight increase in buying pressure last week. This shows that outflows from the exchanges are increasing and the supply in the exchanges is decreasing, so investors are accumulating Shiba Inu.
Detailed analysis of Shiba Inu daily chart highlights important market indicators. The Relative Strength Index (RSI) is trending upwards, reflecting strengthening positive momentum. Likewise, the Chaikin Money Flow (CMF) indicator is also showing an upward movement, which supports the continuation of the price increase.
If market indicators occur as predicted by the bullish breakout, SHIB could experience a significant price increase. Analysts predict that in such a scenario, SHIB could reach $0.00001933 next week. Exceeding this threshold could cause the value of SHIB to rise even further, potentially reaching $0.0000259. However, in a possible bearish scenario, it may be possible for SHIB's price to retreat to $0.000019 in the near term.
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