The symmetrical triangle indicates a breakout target of $0.00003255.
The NVT ratio of Shiba Inu has decreased by 2.3%, indicating an increase in network activity, showing that market activity is on the rise.
Shiba Inu (SHIB) has formed a symmetrical triangle on the 4-hour chart, a pattern that has attracted widespread attention in the market.
The symmetrical triangle typically represents a stage of consolidation in the market, reflecting uncertainty among buyers and sellers. However, with the arrival of a bull market in the crypto space, analysts generally believe that SHIB may experience an upward breakout. If the breakout is successful, SHIB's target may point to $0.00003255.
The symmetrical triangle indicates a potential rebound.
Shiba Inu (SHIB) is currently consolidating within a symmetrical triangle pattern, which usually indicates that the market is in a hesitant phase, with buyers and sellers still looking for breakout signals.
From the chart, if an upward trend occurs, SHIB may break through the current consolidation range, with an expected target price of $0.00003255, indicating that prices could rise about 32% from the current levels.
A symmetrical triangle is formed by the convergence of support and resistance lines and is a common continuation or breakout pattern in technical analysis.
If SHIB successfully breaks through the resistance level, it may trigger a wave of bullish momentum; but if it breaks below the support level, it may lead to further declines.
The 4-hour chart shows that Shiba Inu is currently in a narrow consolidation state, with prices hovering around $0.00002478, reflecting a decrease in market volatility after a previous significant rise.
The Alligator Indicator shows that its three moving averages are converging, indicating a lack of clear directional momentum in the market. Additionally, the True Strength Index (RSI) shows current bearish values of -3.5790 and -7.9681, indicating that sellers dominate, but selling pressure is weakening.
The momentum oscillation indicator is also negative (-0.00000101), further indicating a current lack of bullish momentum.
SHIB is at a critical level between highs and lows.
In the last 24 hours, SHIB's MVRV ratio has decreased by 4.02%, indicating that the market may be experiencing profit-taking, or the overall market optimism has weakened.
On March 6, 2024, the MVRV ratio was far below the 52-week high of 2.02, indicating that the current market is less speculative compared to the peak period, and investor sentiment is relatively cautious.
Looking back at history, the MVRV ratio reached a historical high of 5.15 in October 2021, indicating that the market was overvalued, followed by a correction. Conversely, in June 2023, the MVRV's historical low was 0.3233, indicating that the market was undervalued, which also brought potential buying opportunities.
Currently, the MVRV ratio hovers close to neutral, meaning the market is neither extremely undervalued nor overvalued. This suggests that SHIB may currently be in a relatively balanced price range, with investor sentiment neither overly optimistic nor overly pessimistic.
The NVT ratio reflects an increase in network activity.
The network value to transaction ratio (NVT) of Shiba Inu (SHIB) and its price can help us understand the asset's valuation, especially in relation to its trading volume.
In the past 24 hours, the NVT ratio has decreased by 2.30%, indicating a slight increase in trading activity relative to network value, reflecting a rise in market activity.
Nevertheless, the current NVT ratio is still far below the 52-week high of 856.77 on July 28, 2024, indicating that the previous state of overvaluation is gradually cooling, and the market is tending towards a more rational state.
From historical data, the NVT ratio has a maximum value of 856.77 and a minimum value of 0.9776. Generally speaking, a higher NVT value usually indicates that the market is overvalued, while a lower NVT value suggests that it is undervalued.
Currently, the NVT ratio is near a neutral position, meaning Shiba Inu's trading volume is relatively balanced against its market value.
