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Shiba Inu On-Chain Signals Flip Bullish, Here Is What This Indicates

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Mon, 12/27/2021 - 09:45
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Tomiwabold Olajide
Shiba Inu has seen a near 19% increase in active addresses over seven days
Shiba Inu On-Chain Signals Flip Bullish, Here Is What This Indicates
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On-chain signals provided by IntoTheBlock analytics have flipped mostly bullish for Shiba Inu. The set of metrics such as Net Network Growth, In the Money, and Concentration trickled into the positive zone as SHIB approaches a key barrier at $0.000040.

The Net Network growth indicated by IntoTheBlock provides a view of user engagement and growth. Overall, Shiba Inu has seen a near 19% increase in active addresses over seven days and growth in addresses with balances. The current total holder count stands at 1,094,129, as provided by WhaleStats.

IntoTheBlock
Source: IntoTheBlock

The ''In The Money'' metric flipping bullish for Shiba Inu might suggest less selling pressure from holders trying to break even on their positions. Presently, 63% of addresses are in profit. A growing number tends to be positive for the network with more holders ''in the money.''

The Concentration group of indicators shows the distribution of an asset's circulating supply based on the value of holdings by address. Addresses are classified as whales holding more than 1% of the circulating supply and investors as addresses that hold 0.1% to 1.0% of the circulating supply, while all other addresses are retail.

A growing concentration might suggest that more large holders are getting into Shiba Inu's price action.

Shiba Inu price action

Shiba Inu is presently trading at $0.00003802 as it approaches a key barrier. If SHIB slices above the $0.000040 mark, the dog-themed asset might head for a 43% rise to $0.000055.

If a spike in buy orders occurs, Shiba Inu's price might rally past the optimistic target at $0.000055 and aim for higher ground at $0.000065. Alternatively, Shiba Inu's price may seek footholds at $0.000032 and $0.000028.

At press time, Shiba Inu ranked the 13th largest cryptocurrency by market capitalization and was up 3.50% in the last 24 hours, according to CoinMarketCap data.

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About the author

Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.