Shiba Inu's price may be primed for a significant rally as critical on-chain indicators like the NVT ratio and a sharp decline in exchange deposits suggest growing bullish sentiment among investors. Although the Shiba Inu price has been consolidating within a range after failing to sustain gains from a recent market-wide rally, market sentiment remains optimistic, with traders anticipating a potential surge. Analyzing key on-chain metrics indicates that SHIB could soon experience a 40% rally. Over the past 24 hours, the Shiba Inu price has already increased by 3.5%, reaching $0.00001413.
On-Chain Metrics Signal a Potential Shiba Inu Price Rally
Data from Santiment reveals several on-chain metrics pointing toward an imminent rally for Shiba Inu. The Network Value to Transaction (NVT) ratio for Shiba Inu has surged to monthly highs, reflecting that investors are valuing the meme coin at a premium. This could be driven by speculative interest or expectations of future growth. Additionally, the network's realized profit/loss metric has dropped to a 4-month low, indicating that fewer investors are selling their SHIB at a profit. This decline suggests that many investors are holding onto their assets, possibly waiting for more definitive price signals before making any moves.
Moreover, SHIB deposits to exchanges have decreased significantly over the past three days, reaching their lowest point in three years. This reduction in exchange deposits suggests that investors are not rushing to sell their assets, likely in anticipation of future price increases.
Futures Traders Show Bullish Sentiment for SHIB Price
Futures market data supports the bullish outlook for Shiba Inu. According to Coinglass's 30-day Liquidation Map, there are significantly more long positions than short ones, indicating that traders expect further price increases for SHIB. Additionally, the Coinglass Crypto Derivatives Visual Screener (CDVS) reveals that both open interest (OI) and SHIB's price have increased over the past 24 hours, suggesting that new capital is entering the market and supporting a potential upward trend.
Currently, SHIB is consolidating within a defined range between key supply and demand zones, showing a lack of strong directional momentum. However, the price could encounter resistance around the $0.00001528 supply zone, which also aligns closely with the 50-day EMA, creating a dual layer of resistance. If Shiba Inu breaks through this resistance, it could rally to $0.00001760, representing a 27% increase from the current price.
Conversely, if SHIB's price falls and sustains below $0.00001300, it could signal market weakness, potentially invalidating the current bullish outlook. In such a scenario, the next support level could be around $0.00001080.
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