In This Post:
- Shiba Inu price could go up soon.
- Exchange deposits are at a 3-year low, showing confidence from investors.
- Futures traders are betting on Shiba Inu’s price rising.
Shiba Inu (SHIB) is showing signs of a possible price increase. Right now, the price isn’t moving much, but key data suggest that investors are holding onto their SHIB tokens, expecting a future rise. Exchange deposits are at their lowest in three years, and futures traders are increasingly betting on a price jump.
On-Chain Data Shows Optimism
Several important numbers suggest Shiba Inu’s price might soon go up. The Network Value to Transaction (NVT) ratio, which measures the value of SHIB compared to its transactions, is high. This usually means the coin might be overvalued, but investors still believe SHIB has room to grow.
Another important number, the realized profit/loss metric, recently dropped to a 4-month low. This means fewer investors are selling their SHIB at a profit, likely because they expect the price to rise soon.
In addition, the number of SHIB tokens sent to exchanges has dropped significantly in the last three days, reaching the lowest level in three years. This shows that investors aren’t looking to sell, further indicating they believe the price might go up.
Futures Traders Are Bullish
Futures traders are also betting on Shiba Inu’s price going up. Data from Coinglass shows that there are more long positions (bets that the price will rise) than short positions (bets that the price will fall). This suggests that traders are optimistic about SHIB’s future.
Additionally, open interest (the number of active trades) and price have both increased in the last 24 hours. This shows that more money is flowing into SHIB, which could support a future price increase.
Price Levels to Watch
Shiba Inu’s price is currently stuck in a range, with resistance around $0.00001528. If SHIB can break above this level, it could rise to $0.00001760, a 27% increase from the current price.
On the downside, if SHIB falls below $0.00001300, it could show weakness. In that case, the price might find support around $0.00001080.
Looking Forward
Shiba Inu’s price could rise soon, with data showing that investors are optimistic. Fewer tokens are being sent to exchanges, and futures traders are betting on a price increase. However, the price needs to break through key levels to confirm a strong upward trend. For now, the market remains uncertain, and investors are watching closely for any signs of movement.
