💵 According to AMBCrypto: What to expect from $SHIB ?

To see whether Shiba Inu will manage to exit from the pattern, AMBCrypto analyzed the meme coin’s on-chain metrics.

We found that after a massive spike on the 28th of April, the meme coin’s network-to-value (NVT) ratio dropped sharply.

For starters, a drop in the metric means that an asset is undervalued. Therefore, the chances of SHIB’s price moving up seemed likely.

On top of that, buying pressure on SHIB was also rising, which can be inferred as a bull signal. AMBCrypto’s analysis of Santiment’s data revealed that Shiba Inu’s 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 Inu’s MVRV ratio remained low. 

We then took a look at SHIB’s daily chart to find out what technical indicators had to suggest. While the metrics looked bullish, the indicators told a different story.

The meme coin’s 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 Inu’s bull rally coming to an end can’t be ruled out yet