CandleFocus

Shiba Inu’s Struggle to Rally: Bearish Indicators Threaten Further Price Drops

The cryptocurrency Shiba Inu (SHIB) is struggling to break out and post rallies, indicating growing challenges. Its Network Value to Transactions (NVT) Ratio has consistently spiked, suggesting possible overvaluation. The current spike in the ratio shows that network activity is exceeding transaction volumes, which often precedes price corrections. Furthermore, the Ichimoku Cloud indicator indicates a bearish outlook, with sustained selling pressure and limited potential for a near-term recovery. If SHIB loses the critical support level of $0.00002093, it could drop further, potentially eroding the bullish narrative by 21%. However, if it manages to breach $0.00002341 and flip it into support, the price could rise further, invalidating the bearish outlook and driving optimism among investors.

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