The Shiba Inu [SHIB] The team working on its metaverse has released a new update despite some slowdowns in its ecosystem. in it POS blogPosted on October 4, SHIB revealed the Canyon Art concept to its community.
While the development has excited some of its community, some investors may not find the update different from everything else happening around the ecosystem.
After the update, SHIB’s stock volume was nowhere near showing signs of anticipation. by 10% scale down In the 24-hour trading volume of $178.49 million, there was no indication of a metaversal effect.
Did any burning desire remain?
In addition, SHIB’s combustion activity has received great success. according to ShepburnThere has been a 94.65% decrease in the burn rate in the past 24 hours.
This made the total number of SHIB burned since the first shipment 410.38 trillion. 2.33 million SHIB is the number of tokens burned between October 3 and the time of publication.
for the concept of chest earlier, a similar burning pattern has been observed previously. However, there appears to be some difference between the two events.
While SHIB posted a drop in price, the meme token favored a small profit of 1.81% this time around. However, this increase does not indicate that SHIB was ready to rise.
Where do expectations lie?
On the daily chart, Shiba Inu It appears to be heading towards a stable buying level. This is revealed by the momentum shown by the Relative Strength Index (RSI).
With the RSI at 47.08, SHIB has confirmed that it is out of the huge selling area it struggled with on September 21st.
After this case, SHIB buyers are close to control and can fix SHIB price towards red candles.
However, indicators from the Directional Movement Index (DMI) showed that SHIB sellers and buyers were struggling to fit in. At the time of publication +DMI (yellow) was 18.30 while -DMI (red) was 17.27.
While the bullish signals had a small advantage, the Average Directional Index (ADX) indicated weak strength to support the advantage.
With the ADX indicator below 25, at 12:04, there was a strong chance that the bearish momentum would be soon. Looking at the Money Flow Index (MFI), SHIB has shown strong buying momentum.
At 57.07, SHIB investors seemed very interested in injecting more liquidity and maintaining the state of the RSI.
The implication of continuing to increase the MFI is that it could keep the current SHIB rate high. However, investors may need to pay attention to the larger sentiment in the cryptocurrency market.
In the case of Bitcoin [BTC] He decides to take a trip down the charts, maybe SHIB can come.