Shiba Inu (SHIB), the second-largest dog-themed token, has continued to experience an opposing price action alongside other digital assets. According to CoinMarketCap, SHIB is down 3.45% in the past week.
At the time of this report, SHIB is trading at $0.000007365, with a 1.6% price upsurge in the last 24 hours. Three major indicators now show that it could be close to a bullish break.
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What Bulls and Bear Indicator Says About Shiba Inu (SHIB) Trend
The Bulls and Bear Indicator is a type of indicator used to track the number of addresses that bought and sold 1% of a total volume of an asset traded daily. It should be noted that SHIB has a 71.2 million 24-hour trading volume, according to CoinMarketCap.
Using the indicator, investors who purchased 1% of SHIB’s 24-hour trading volume, which is $0.721 are considered as bulls, while those who sold at $0.721 worth of SHIB are regarded as bears.
Data presented by the leading market intelligence platform IntoTheBlock show that Shiba Inu’s bullish participants are more than bearish investors. The data say there are 153 SHIB bulls in the past seven days compared to 147 bears, indicating that Shiba Inu bulls are winning the battle.
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Shiba Inu (SHIB) Low Buy-Side Momentum
Data from IntoTheBlock also indicate that Shiba Inu (SHIB) currently has inadequate buy-side momentum.
According to the large holders’ netflow metric from IntoTheBlock, SHIB’s inflow for the past day stood at 579.2 billion, while outflow was around 480.1 billion. This implies that the digital asset has a net flow of 99.1 billion tokens worth $723 million at current prices.
Also, Shiba Inu’s social engagement is also down currently. The data on LunarCrush says the digital asset’s social mentions and dominance in the past seven days are down 94.3%. Similarly, its social engagement is down 97.4% in the past week.
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