Shiba Inu Price Could Surge 32% Amid Triangle Pattern
“`html
Key Takeaways:
- Shiba Inu (SHIB) is currently in a symmetrical triangle pattern, indicating a phase of market uncertainty.
- Analysts anticipate a potential breakout to the upside with a target price of $0.00003255, representing a 32% increase.
- Technical indicators such as the True Strength Index and the Awesome Oscillator currently show weak market momentum.
- The MVRV and NVT ratios suggest neutral valuation and increased network activity.
SHIB: Symmetrical Triangle Pattern Indicates Potential Price Movement
Shiba Inu (SHIB) is displaying a symmetrical triangle pattern on the 4-hour chart. This pattern forms when support and resistance lines converge and often signals a phase of uncertainty. Analysts believe a breakout to the upside could occur, potentially pushing the price to $0.00003255. This would represent a 32% increase from the current price of $0.00002478.
A breakout above the resistance line could trigger bullish momentum, while a breakdown below the support line could lead to further price declines. Currently, the price is trading within a narrow range, indicating reduced volatility following a previous rally.
Technical Indicators Show Weak Momentum
The Alligator indicator, which consists of three moving averages, shows a convergence of lines, indicating a lack of clear market direction. The True Strength Index (TSI) is at -3.5790 and -7.9681, suggesting prevailing but weakening seller control. The Awesome Oscillator confirms this with a negative value of -0.00000101, indicating a lack of bullish momentum.
MVRV Ratio Indicates Neutral Market Conditions
The MVRV ratio (Market Value to Realized Value) for SHIB decreased by 4.02% over the past 24 hours. This could indicate profit-taking or subdued market sentiment. Historically, the MVRV ratio reached an all-time high of 5.15 in October 2021, signaling overvalued market conditions. In June 2023, it dropped to an all-time low of 0.3233, indicating undervaluation.
You should read that too:
The current MVRV ratio value is near the neutral zone, suggesting neither overvaluation nor undervaluation. This reflects balanced market sentiment.
NVT Ratio Indicates Increased Network Activity
The NVT ratio (Network Value to Transaction) for Shiba Inu decreased by 2.30% over the past 24 hours. This suggests a slight increase in transaction activity relative to the network value. A lower NVT ratio is often considered a sign of healthy network activity.
Historically, the NVT ratio reached a 52-week high of 856.77 in July 2024, indicating overvalued conditions. The current value is closer to neutral levels, suggesting a balanced relationship between market value and transaction volume.
Our Assessment
Shiba Inu is in a critical phase. The symmetrical triangle pattern points to an impending price movement, while technical indicators highlight current market weakness. If a breakout to the upside occurs, it could trigger positive momentum. At the same time, market conditions remain balanced according to the MVRV and NVT ratios. Investors should closely monitor price action and indicators to make informed decisions.
“`
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 30 days to claim |
| 14 days to wager / 7 days for free spins |
- There is no maximum bonus amount.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
| Wagering requirements | 40x bonus |
| 40x free spins winnings | |
| Minimum deposit | 0.0005 BTC |
| Maximum bet | 0.00004 BTC |
| Bonus validity | 30 days after registration |
| 14 days (1st), 7 days (2nd), 1 day (3rd) |
- To get the bonus, enter the bonus code before the deposit.
- Minimum deposit: 0,07 BCH • 0,4 LTC • 233 DOG • 45 XRP • 0,01 ETH • 20 USDT • 69 ADA • 0,05 BNB • 184 TRX • 20 USDC.
- Maximum bet: 0.007 BCH • 0.0009 ETH • 0.04 LTC • 23 DOGE • 2 USDT • 4 XRP • 18 TRX • 7 ADA • 0.005 BNB • 2 USDC • 2 EUR • 2 USD.
- Free spins are provided in batches of 25 per day.
- Free spins are credited on the Gamebeat slots: Max Miner (1st), Book of Elixir (2nd) and Odin’s Tree (3rd).
| Wagering requirements | 40x bonus |
| Minimum deposit | 0,1 mBTC |
| Maximum bet | $5 per spin |
| Bonus validity | 7 days to wager |
- There is no cap on winnings or withdrawals.
Advertising transparency