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In the last seven days, Shiba Inu's [SHIB] price has decreased by 10.69%. According to AMBCrypto's analysis, this decline might continue
According to AMBCrypto’s analysis, this decline might continue in the near term, suggesting that SHIB holders might need to wait a bit longer before a rally appears.
One metric fueling this thesis is the Network Value to Transactions Ratio. A high NVT Ratio suggests that the market cap of a token is growing faster than the transfer volume.Historically, low NVT Ratios have been known to foreshadow bullish trends. For Shiba Inu, the NVT Ratio according to Glassnode, the metric was seen rising.that support overvaluation of the Shiba Inu network. Therefore, it could be challenging for SHIB’s price to bounce off the lows.
Beyond the above-mentioned metric, the Exchange Net Position Change also supported the potential fall in price.that the supply ready for sale has increased. Conversely, a negative reading implies that market participants are taking tokens off exchanges.Typically, the latter stabilize prices or leads to an increase in the short term. In Shiba Inu’s case, the Exchange Net Position Change was at a positive sum of 1.13 trillion.
In addition, AMBCrypto analyzed the Global In/Out of Money indicator. This metric measures addresses in profit or loss and how they can act as support or resistance for prices. The larger the number of tokens accumulated at a price, the higher the chance of acting as support or resistance.between those that bought at an average price of $0.000019 and those that bought between $0.000020 and $0.000023 was wide.Specifically, only 1,720 addresses purchased 452.80 billion SHIB tokens at $0.000019. On the other end, 100,530 addresses accumulated 66.75 trillion SHIB at $0.000023.Should some of these holders decide to break even between $0.000020 and $0.
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