Hi Guys,
It's Big & Big #alert About $SHIB 2 Billish & 2 Bearish Signals !!!
2 Bullish and 2 Bearish Shiba Inu Signals as the SHIB Price Consolidates
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 CoinGeckoâs data).
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).Â
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 âIn the Moneyâ metric, which is up 4.3%. The technical analysis tool measures the change in the number of SHIB investors currently sitting on paper profits.Â
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 SHIBâs valuation might be poised for a correction. For instance, Net Network Growth (a momentum signal that gives âa pulse of the true growth of the tokenâs underlying networkâ) is down 0.17%.
Shiba Inuâs burning mechanism is also on a downtrend. The burn rate has fallen by almost 50% in the past 24 hours, resulting in less than 8 million tokens sent to a null address.
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