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2 Bullish and 2 Bearish Shiba Inu Signals as the SHIB Price Consolidates
The post 2 Bullish and 2 Bearish Shiba Inu Signals as the SHIB Price Consolidates appeared on BitcoinEthereumNews.com. TL;DR Shiba Inu’s spike in large transactions and increase of investors currently in profit suggest the meme coin could be headed for further gains in the near future. On the other hand, slight drop in network growth and a 50% decline in SHIB’s burn rate indicate potential challenges ahead for price momentum. Showing Mixed Signals Shiba Inu (SHIB) has been rallying in the past week, witnessing a price jump of around 9% for that period. However, it stalled its progress in the past few days and even flashed red on a daily scale. Currently, it trades at around $0.00001441 (per CoinGecko’s data). SHIB Price, Source: CoinGecko There are two factors hinting that the meme coin may soon head north again. The first is the spike of large SHIB transactions volume (where each transaction exceeds $100,000). According to IntoTheBlock, the figure surpassed $20 million in the past 24 hours, representing a 170% increase compared to the amount observed on September 23. Such large transactions often indicate the involvement of whales. Increased activity from those investors with significant holdings can be seen as a positive sign from smaller players and encourage them to enter the ecosystem, hence injecting fresh capital. The next bullish sign is the “In the Money” metric, which is up 4.3%. The technical analysis tool measures the change in the number of SHIB investors currently sitting on paper profits. As of now, 48% of all Shiba Inu investors are in the green, while 51% are underwater. Only 1% of those exposed to the meme coin are break-even. Conversely, two bearish elements suggest that SHIB’s valuation might be poised for a correction. For instance, Net Network Growth (a momentum signal that gives “a pulse of the true growth of the token’s underlying network”) is down 0.17%. Shiba Inu’s burning mechanism is…
The post 2 Bullish and 2 Bearish Shiba Inu Signals as the SHIB Price Consolidates appeared on BitcoinEthereumNews.com.
TL;DR Shiba Inu’s spike in large transactions and increase of investors currently in profit suggest the meme coin could be headed for further gains in the near future. On the other hand, slight drop in network growth and a 50% decline in SHIB’s burn rate indicate potential challenges ahead for price momentum. Showing Mixed Signals Shiba Inu (SHIB) has been rallying in the past week, witnessing a price jump of around 9% for that period. However, it stalled its progress in the past few days and even flashed red on a daily scale. Currently, it trades at around $0.00001441 (per CoinGecko’s data). SHIB Price, Source: CoinGecko There are two factors hinting that the meme coin may soon head north again. The first is the spike of large SHIB transactions volume (where each transaction exceeds $100,000). According to IntoTheBlock, the figure surpassed $20 million in the past 24 hours, representing a 170% increase compared to the amount observed on September 23. Such large transactions often indicate the involvement of whales. Increased activity from those investors with significant holdings can be seen as a positive sign from smaller players and encourage them to enter the ecosystem, hence injecting fresh capital. The next bullish sign is the “In the Money” metric, which is up 4.3%. The technical analysis tool measures the change in the number of SHIB investors currently sitting on paper profits. As of now, 48% of all Shiba Inu investors are in the green, while 51% are underwater. Only 1% of those exposed to the meme coin are break-even. Conversely, two bearish elements suggest that SHIB’s valuation might be poised for a correction. For instance, Net Network Growth (a momentum signal that gives “a pulse of the true growth of the token’s underlying network”) is down 0.17%. Shiba Inu’s burning mechanism is…
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