of Shiba Inu [SHIB] The team working on the Metaverse has released a new update despite some downturn in the ecosystem.in the blog contributorSHIB, which opened to the public on October 4th, opened the canyon art concept to the community.
While the development may have excited some in the community, some investors may find the update no different from everything happening around the ecosystem.
After the update, SHIB’s volume did not show signs of expectations. at 10% Descent The 24-hour trading volume reached $178.49 million, with few signs of the metaverse effect.
Do you have a burning desire left?
In addition, SHIB Burn activities were also hit. according to Sibburnthe burn rate decreased by 94.65% in the last 24 hours.
This brings the total number of SHIBs burned since the first supply to 410.38 trillion. 2.33 million SHIB is the number of tokens burned from October 3rd to press time.
About the announced concept just a while ago, a similar burning pattern was previously recorded. However, there seems to be some difference between these two events of his.
At that time, SHIB recorded a price drop, while Meme Token showed a slight rise of 1.81% this time. Still, this increase does not indicate that SHIB is ready for the rally.
where should the expectations be?
On the daily chart, Shiba Inu It looks like we are headed for a stable buying market. This was made clear by the momentum shown by the Relative Strength Index (RSI).
With the RSI at 47.08, SHIB has confirmed that it has broken out of the massive selling zone it struggled on 21st September.
Following this condition, SHIB buyers may approach control and stabilize the SHIB price against the red candle.
However, signs from the Directional Movement Index (DMI) have revealed that SHIB sellers and buyers are fighting over relevance. +DMI (yellow) was 18.30 and -DMI (red) was 17.27 when printed.
The bullish signs had a slight edge, but the Average Directional Index (ADX) showed weak strength supporting the edge.
At 12.04 with the ADX below 25, bearish momentum is likely on the horizon. Considering the Money Flow Index (MFI), SHIB showed solid buying momentum.
At 57.07, SHIB investors seem very interested in pumping in more liquidity and keeping the RSI holding up.
A continued MFI increase means that the current SHIB price increase can be sustained. Still, investors may need to be wary of larger crypto market sentiment.
in case of Bitcoin [BTC] If you decide to take the journey down the charts, SHIB can probably accompany it.
https://ambcrypto.com/shiba-inu-investors-expecting-a-metaverse-takeover-should-read-this Shiba Inu investors hoping to take over the Metaverse should read this