IMPORTANT POINTS:
- Shiba Inu [SHIB] maintains strong performance despite low volatility in the cryptocurrency market.
- Increased investor confidence in SHIB is reflected in a steady increase in its weighted sentiment.
- SHIB daily active addresses increase, signaling a possible increase in selling pressure.
Shiba Inu (SHIB), despite the low volatility that characterizes the cryptocurrency market, has shown impressively strong performance. Despite the calm market conditions, SHIB has managed to maintain healthy visibility.
To put it into perspective, SHIB’s performance has earned it a favorable rating from LunarCrush. It was ranked first out of over 4,400 coins based on market activity and social metrics, confirming healthy activity within the Shiba Inu ecosystem.
LunarCrush’s findings reflect some of the Shiba Inu metrics. For example, she maintained healthy social dominance and has been quite active for the past four weeks. Similarly, investor confidence has risen, as evidenced by the steady rise in sentiment-weighted sentiment.
SHIB Bullish Price Action Meets Resistance
Shiba Inu’s network ranking and performance also reflect the status of its native token. While most major cryptocurrencies have seen sideways activity, SHIB’s price action has maintained a bullish bias over the past four weeks.
For example, it peaked at 0.00000845 during the trading session on Friday. SHIB price action previously experienced resistance after rallying to the same range over the past six weeks.
SHIB’s MFI has already pivoted, which suggests it was experiencing some departures at press time. This is likely due to profit-taking as it approached its aforementioned short-term resistance. Despite that, it continues to maintain relative strength as the RSI bounced from its 50% level.
As mentioned above, there has been a slowdown in activity across the entire cryptocurrency market. However, this may not have had as much of an impact on Shiba Inu, especially when we consider that SHIB managed to rise even though the number of active addresses dropped considerably.
The last 24 hours were characterized by a rise in daily active addresses after previously falling to their lowest level in four weeks. However, the same observation could mean an increase in selling pressure due to the recent retest of resistance.
The assessment of the Shiba Inu supply distribution also reveals something worth noting. There was an increase in demand in the last four weeks. Most of the top address categories (whales) have been increasing their balances, but the pace of accumulation has slowed over the past two days.
