Leading meme coin Shiba Inu [SHIB] seems to have abandoned his dominance to fate. After initially surpassing polygon [MATIC] and Tron [TRX] previously, SHIB has reversed its move. Now in 15th place by market cap, the SHIB price fell despite a previous green week.
At the time of writing, SHIB is down 4.25% in the last 24 hours. The price was also $0.000011 with reduced 24-hour volume. However, investors may consider treating these levels as a floor. Before making a decision, it may be important to look at some statistics.
But what exactly?
One of the most noticeable changes in the SHIB ecosystem is the active recordings. According to Santiment data, SHIB’s active withdrawals had decreased significantly. On July 21, active withdrawals were still as high as 788 as SHIB traders had made a profit. However, it is on a downward trend since then. There were only 172 at the time of going to press.
Similarly, the one-day (1d) circulation within the Shiba Inu ecosystem had also declined. On July 21, that was 1.56 trillion. On July 23, it stood at 496.46 billion. Despite massive whale action a few weeks ago leading to a short bull run the effect seems to have stopped.
Reports indicated that whale activity had been stable since last week. The supply of top addresses continued to stagnate at 62. So it seems that following a bearish or bullish target shouldn’t be the most critical concern for investors. Even so, it is still essential to review the potential price movement.
Which way forward?
The moving average convergence divergence (MACD) seems undecided with the next SHIB momentum. According to Trading Display results, the MACD indicated a form of neutral stance as buyers and sellers appear to be in a spring battle for control. At the time of writing, sellers were still ahead of the bullish believers.
However, the exponential moving average (EMA) slightly disagreed with the MACD results. The 20-period EMA (blue) was above the 50 EMA (orange), indicating that buyers were experiencing more stability than the sellers.
This post Shiba Inu [SHIB] investors should consider these levels before making a strong decision
was published first on https://ambcrypto.com/shiba-inu-shib-investors-should-consider-these-levels-before-making-a-strong-call/