July 4 (Cointime) - Last week, Shiba Inu (SHIB) failed to break through the critical $0.000008 price resistance level, and on-chain data analysis suggests that a major correction could be imminent. Long-term holders of SHIB appear to be losing confidence, with Mean Coin Age decreasing by 35% between June 17 and July 3, indicating that they may be booking profits and potentially causing the price to drop further.

Additionally, SHIB appears to be overvalued, with the Network Value to Transaction Volume (NVT) ratio rising by 385% from June 22 to July 3, suggesting that a retracement may be on the horizon. According to IntoTheBlock's data, SHIB may make a downswing towards $0.000006, but if the bulls can break through the $0.0000085 resistance level, the price could head towards $0.000014.