Shiba Inu (SHIB) has been one of the best performing cryptocurrencies recently, rising to a three-week high of $0.00001457 on September 19. The meme-inspired cryptocurrency gained momentum after the Federal Reserveâs decision to cut interest rates on September 18. Notably, the overall crypto market has been bullish after this long-awaited turnaround.
Some on-chain indicators suggest that the Shiba Inu price could continue to rise in the short term. Data from IntoTheBlock shows that the âIn The Moneyâ indicator is up 1.79% on the daily. This indicator measures the change in the number of SHIB investors who are currently making a fiat profit. Currently, 47% of all Shiba Inu investors are making a profit, while 51% are losing money.
Large transaction volume (where each transaction exceeds $100,000) reached over $18 million in 24 hours, representing a 122% increase compared to the figure recorded on September 19.
This rise in the index could improve investor sentiment and attract additional participants to the ecosystem, contributing to a new influx of capital.
The next factor we will discuss is the Shibarium network recovery. Daily transactions on the layer-2 blockchain solution have been gradually increasing in the past few days, and active accounts have also been on the rise.
The main purpose of this protocol is to promote the development of the Shiba Inu system by improving scalability, reducing transaction costs, and increasing speed. Therefore, some market observers believe that the continued progress of this protocol may drive the price of the cryptocurrency higher.
The net flow of Shiba Inu from exchanges is the fourth factor we will focus on. Over the past 30 days, outflows have significantly exceeded inflows, indicating a shift from centralized platforms to self-custody methods. This can be seen as a positive sign for investors, as it reduces immediate selling pressure.
But things are not all positive.
Despite the favorable overall conditions, there is an element that suggests a possible decline in the value of SHIB in the near future.
In particular, it concerns the Shiba Inu Relative Strength Index (RSI), which jumped into the overbought zone at 70 today (September 20).
Conversely, readings below 30 indicate that the asset may be in an oversold zone, meaning a price rise may be imminent.
$SHIB
