Market
Shiba Inu (SHIB) Price Woes Linked to These 2 Crucial Metrics
In most cases, a whirlwind of activity on a blockchain influences the price of the project’s native token. For Shiba Inu (SHIB), data shows that its recent woes can be linked to the absence of notable interaction on the network.
Besides that, SHIB experienced an odd surge in one of the vital metrics. This on-chain analysis dives into the short-term potential of the 12th-ranked cryptocurrency.
Decline in Shiba Inu Network Activity Raises Concerns
At press time, BeInCrypto examines the active, zero-balance, and new addresses on Shiba Inu’s network. According to IntoTheBlock, these on-chain metrics have all declined in the last seven days.
Active addresses simply refer to the number of users actively involved in transactions. New addresses, on the other hand, take into account participants making their first transactions, while zero-balance addresses measure participants yet to transact.
Put together, these indicators give an overview of user engagement. Shiba Inu’s notable fall in this aspect implies that there is a dearth of participants either sending or receiving tokens on the network.
Read More: Shiba Inu — A Beginner’s Guide
Typically, this is a bearish sign as it implies a drop in traction and a lack of demand for SHIB. Should this continue, SHIB’s price may be unable to recover from its recent downturn.
Further, the Network Value to Transaction (NVT) ratio brimmed with an astonishing spike. This ratio shows if a network is undervalued or overvalued.
Low NVT ratios indicate the network is undervalued, as transactions outpace the market capitalization. However, a high NVT ratio indicates that the network is undervalued and cannot efficiently handle a high volume of transactions, as is the case with SHIB.
SHIB Price Prediction: Will Bulls Surrender?
The daily chart shows that SHIB is exchanging hands at $0.000015. Three weeks ago, the token traded at a peak of $0.000020, sparking bullish calls for a higher price. However, that was not to be.
In addition, the Awesome Oscillator (AO), a technical oscillator that measures market momentum has fallen into the negative zone. When the AO is positive, momentum increases to the upside.
However, a decline similar to SHIB’s suggests downward momentum. Therefore, if the AO rating continues to fall, so will SHIB’s price. Should this linger, the token’s price may drop toward $0.000012.
However, the Money Flow Index (MFI), which measures the flow of capital into a cryptocurrency, seems to be diverging from the direction of SHIB’s price and AO.
Read More: 12 Best Shiba Inu (SHIB) Wallets in 2024
This trend, if sustained or moves higher, will indicate that market participants are buying the dip. Should that continue over the coming days, the token’s value may increase, and the price may attempt to revisit $0.000019.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will the Cardano Coin Price Rally Continue?
ADA, the native coin of the Cardano blockchain, has made a significant price breakthrough. It has surpassed the $1 mark for the first time in two years. As of this writing, the altcoin trades at $1.09, a price level last observed in April 2022. `
Over the past 24 hours, ADA’s price has rocketed by 24%, and its trading volume has increased by 131% during the same period. With heightening buying pressure, the Cardano coin price rally is poised to continue.
Cardano Holders See Green
Cardano’s ascent above the $1 price mark has put many of its holders in profit. According to IntoTheBlock’s Global In/Out of the Money indicator, 3.15 million addresses, which comprise 71% of all ADA holders, are “in the money.”
An address is said to be “in the money” if the current market price of the asset it holds is higher than the average cost at which the address acquired those tokens. This means the holder would profit if they sold their holdings at the current market price.
Conversely, 715,230 addresses, which comprise 16% of all ADA holders, are “out of the money.” These addresses would incur a loss if they sold at the current price. Per IntoTheBlock’s data, this cohort of investors acquired their coins when ADA sold above $1.40.
Notably, with many addresses now holding unrealized profits, long-term holders (LTHs) of ADA are repositioning, potentially to secure gains. This activity is reflected by the spike in ADA’s age-consumed metric, which, per Santiment’s data, skyrocketed to a monthly high of 86.91 billion on November 22, when the uptrend began.
This surge is notable because long-term holders rarely move their coins around. When they do, it often hints at a shift in market trends. Therefore, as in ADA’s case, if the spike is accompanied by increased trading volume and positive price action, it suggests that long-term holders are taking profits. This may fuel further price increases as new buyers enter the market.
ADA Price Prediction: The Upward Trend Is Strong
On the daily chart, ADA’s Aroon Up Line is at 100%. The Aroon indicator measures the strength and direction of a trend. When the Aroon Up line is at 100%, it indicates a strong upward trend, suggesting a recent high and a potential continuation of the bullish momentum.
If this holds and new demand continues to enter the market, the Cardano coin price rally will continue toward $1.24, a price high it last reached in March 2022.
On the other hand, if profit-taking intensifies and buying pressure weakens, ADA’s price may fall to retest support at $1. Should this level fail to hold, the downtrend will be confirmed, and ADA’s price will plunge to $0.85.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
ADA Sights More Growth After Breaking $0.8119
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Market
PNUT Price Nears Oversold Zone After 20% 24-Hour Decline
PNUT price has dropped more than 20% in the last 24 hours, following its recent surge after being listed on major exchanges, where it reached $2.28. This sharp decline highlights weakening momentum, as indicators like ADX and RSI suggest that the uptrend is fading.
Despite this, PNUT still has the potential for a strong recovery if buyers return. However, if bearish pressure continues, PNUT could face a significant correction, testing key support levels and potentially losing more ground.
PNUT Current Uptrend Is Fading Away
PNUT currently has an ADX of 18.76, significantly down from above 50 just a few days ago. This consistent decline in ADX indicates that the strength of PNUT’s uptrend has been steadily weakening.
Despite still being in an uptrend, the sharp drop in price over the last 24 hours highlights the growing vulnerability of maintaining upward momentum. The ADX suggests a potential reversal could be on the horizon.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend.
PNUT’s ADX dropping below 20 reflects a weakening trend, even though the current directional movement still leans bullish. If this trend strength continues to deteriorate, PNUT may struggle to sustain its uptrend. That would leave PNUT price vulnerable to a more significant reversal in the near term.
PNUT Is Almost Reaching The Oversold Zone
PNUT currently has an RSI of 32.6, marking its lowest level since being listed on Binance.
The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels.
The consistent decline in PNUT’s RSI over the past few days highlights weakening momentum, with the asset now approaching oversold levels.
If the RSI falls below 30, it could signal that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep the price under pressure, delaying any recovery.
PNUT Price Prediction: A 72% Correction Ahead?
If PNUT price experiences a reversal and a strong downtrend emerges, it could test the support at $0.749. Should this level fail to hold, the price may drop further to $0.41 and even $0.32, marking a significant potential correction of up to 72%. This would make PNUT be surpassed by other meme coins such as MOG, GOAT, and MEW in terms of market cap.
Such a scenario would indicate increased bearish pressure, with traders potentially continuing to exit positions after the surges following the listing on major exchanges.
On the other hand, if PNUT uptrend regains strength, the price could rise to test the resistances at $1.87 and $2.21.
Breaking through these levels could allow PNUT to retest its previous all-time high of $2.50. That would offer a potential 111% upside and establish PNUT as a top 10 meme coin in the market.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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