Popular meme cryptocurrency Shiba Inu (SHIB) its price is not performing appreciably during the summer, and its gains during the recent upswing are currently void.
Koinfinans.com As we reported, the Asset does not show a strong projection for this month, despite following a consolidated uptrend. SHIB price It has fallen sharply below the critical 50-day MA levels over the past 7 days. As a result, September is giving serious bearish signals.
On-chain indicators suggest that the asset’s market sentiment has improved, but a sharp downtrend is possible.
Big drop in daily active addresses
shiba inuis recording frequent spikes in daily active address, which could indicate that SHIB holders are placing their cryptocurrencies on exchanges. This can negatively affect the price, as entry to exchanges may mean selling the asset.
Millions of SHIBs moved from dormant addresses
Recently, a large amount of SHIB has been released that has been dormant for quite some time. About 1.54 trillion SHIB tokens took action after being inactive for about 6 months.
Slight increase in social volume
The Shib Inu is a very popular asset when it comes to social mentions and social responsiveness. Recently, the entity has witnessed a marginal increase in apparent social dominance due to its upcoming game Shiba Eternity and the burning of millions of SHIB tokens.
However, given the above indicators, SHIB price looks set to drop significantly over the next few weeks. Traded at around $0.00001225, the asset could fall below $0.00001 and reach the July low of $0.0000098. On the upside, however, this bearish theory could be invalidated if SHIB price rallies above the $0.0017 level, signaling another increase in September.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.