Despite the most recent price performance of Shiba Inu, the meme token's position on the market is still neither bearish nor hinting at negativity, according to on-chain data indicators listed on IntoTheBlock.
At least four indicators are showing that Shiba Inu is "bullish" after losing around 12% of its value after the unexpected breakout of the 200-day moving average that occurred on Jan. 18.
Despite losing a foothold above the 200-day moving average, SHIB has most likely attracted the attention of retail investors who provided most of the buying volume yesterday and today.
Indicators that flash "bullish" for Shiba Inu are Large Transactions, "In the Money," Concentration and Smart Price. The most important of the listed indicators is the percentage of large transactions on the network as they reflect the behavior of institutional investors and whales.
With the rise of this metric, we may conclude that Shiba Inu is still being actively purchased by large addresses despite the most recent price reversal. The attractiveness of the asset is still ensured by its volatility, which quite often becomes a source for rallies like we saw previously.
Unfortunately, two consecutive breakouts is not common, and investors' desire to catch another knife like that could lead to heavy losses, especially in the case of Shiba Inu, which remains one of the most popular meme tokens on the addresses of whales who do not have any problems offloading their bags at a good price.
At press time, Shiba Inu is changing hands at $0.000011 and has clearly entered consolidation at the local resistance level. Unfortunately, it is as yet unclear what it will bring to us.