Breaking News
Investing Pro 0
Free Webinar - The Role of Psychology in Trading - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

Shiba Inu’s Technical Indicators Send Mixed Messages

Cryptocurrency Oct 06, 2022 05:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Shiba Inu’s Technical Indicators Send Mixed Messages
 
USDT/USD
+0.01%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SHIB/USD
+1.98%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

  • SHIB’s trading volume suffered an almost 30% decrease.
  • The meme coin’s burn rate is down by more than 90% over the last day.
  • Technical indicators are sending mixed messages about what to expect from SHIB.

The Shiba Inu (SHIB) Ecosystem released its Canyon art concept on October 4, but despite this new development, the excitement surrounding the SHIB metaverse seems to be almost nonexistent.

SHIB volume (Source: Santiment)

This point is proven by the fact that SHIB’s volume is showing no signs of anticipation from the community. Over the last 24 hours, SHIB’s trading volume suffered an almost 30% decrease and now stands at about $243,354,337.

SHIB burn rate (Source: ShibBurn)

In addition to this, SHIB’s burn rate also took a hit. According to the ShibBurn website, the SHIB burn rate saw a 94.65% decrease over the last day.

On the technical side, it seems like SHIB’s daily chart is indicating that the meme coin is subtly moving toward a more stable buying level. This is illustrated by the momentum shown by the Relative Strength Index (RSI).

SHIB’s RSI is now at 47.08, which further confirms that SHIB has left the massive selling zone it has been struggling with since September 21.

SHIB / Tether US 1D (Source: TradingView)

On the other hand, SHIB’s Average Directional; Index (ADX) indicates that there is weak strength when it comes to potentially supporting any kind of advantage. The meme coin’s ADX is below 25, which supports the fact that bearish momentum is close by.

Things are looking different on SHIB’s Money Flow Index (MFI) as it showed decent buying momentum and signs that investors are interested in pumping some liquidity into the crypto to sustain the RSI condition.

This MFI increase could sustain the current SHIB price rise, but it does seem like the crypto is still very susceptible to larger market conditions.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Shiba Inu’s Technical Indicators Send Mixed Messages appeared first on Coin Edition.

See original on CoinEdition

Shiba Inu’s Technical Indicators Send Mixed Messages
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email