Shiba Inu (SHIB) The Network Value to Transactions (NVT) ratio has come into focus as the meme coin is currently in an upward trend. However, this metric indicates that Shiba Inu It may soon face a hurdle on its journey to $0.00003.
NVT in Shiba Inu is on the rise
Data from on-chain market intelligence platform glass knot It shows that the NVT of Shiba Inu has seen a massive increase and is currently ahead of the meme coin price. This is important because it offers Bearish outlook Shiba Inu is pointing to a possible correction in the price of the meme coin.
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The non-transferable net worth ratio isn’t the only metric that Shiba Inu investors should be concerned about. Data From Market Intelligence Platform In the mass The study shows that Shiba Inu’s correlation with Bitcoin has declined significantly since the leading cryptocurrency started enjoying an impressive recovery.
Before now, the correlation between Shiba Inu and Bitcoin was above 0.9, indicating a strong positive correlation with the price. However, this number has now dropped to 0.52, indicating a lower correlation between the two prices. Additionally, only about 51% of Shiba Inu carriers Now, the meme coin is in a good position, which means that the meme coin is at risk of a major sell-off, as the remaining 49% that are not in a good position are looking to break even once the meme coin hits higher prices.
However, some other on-chain metrics are painting a bullish picture for Shiba Inu, which could help avoid such a price correction and help maintain the meme coin’s current uptrend. One such metric is the notable increase in large Shiba Inu transactions, indicating that Crypto whales Meme coin may be accumulated in anticipation of a price increase.
Data from IntoTheBlock shows a more than 2% increase in these large transactions over the past seven days. Additional data shows that 365.69 billion SHIB were traded in the last 24 hours. Meanwhile, Large transactions It hit a seven-day high on July 22, when these investors traded 2.14 trillion SHIB.
A rise to $0.00003 is still possible.
Cryptocurrency Analyst Javon Marks He recently gave a bullish account of Shiba Inu, predicting that the meme coin could rise above $0.00003 soon enough. advertiser SHIB has confirmed a significant hidden bullish divergence with Relative Strength Index (RSI)suggesting that a full recovery and continued upward momentum may be on the horizon.
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He added that this to be sure Shiba Inu price is making a recovery of over 162%, sending its price to the $0.0000456 range. Interestingly, Marks also claimed that Shiba Inu The price could rise further as it may break out of a larger resistance structure, putting a price target of $0.000081 in sight.
At the time of writing, Shiba Inu is trading at around $0.00001718, up over 2% in the last 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
