CandleFocus SHIB Price Nears Dangerous Territory, Risks Deeper Correction to $0.000010
2024-09-16
Author: Content Editor
The article discusses concerns about the potential for a steeper decline in the price of Shiba Inu (SHIB), a meme coin. Despite a brief relief last week, SHIB's price has been showing weakness due to market bearishness. The article highlights the high Network Value to Transactions (NVT) ratio of SHIB, which suggests the asset could be overvalued and limit near-term price growth. Additionally, the In/Out of Money Around Price (IOMAP) indicator reveals significant resistance at $0.000014, potentially outweighing demand and leading to a price drop. The article also mentions the descending triangle pattern in SHIB's chart, which is typically bearish but could be invalidated if the price breaks out of the pattern. The potential outcomes for SHIB are a 20% correction down to $0.000010 or a breakout that could push the price up to $0.000016.
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