While serious activity was expected in the cryptocurrency market, Shiba Inu (SHIB) remained silent. Price charts and on-chain data point to a freeze in which neither the bulls nor the bears are taking over. SHIB is currently trading around USD 0.0000109 and it is just above a critical local support level at USD 0.0000095. Experts state that this support zone has held on many times and this may indicate the formation of a base.
What’s Happening at SHIB?
In fact, according to the statements made, the lack of volatility and volume is remarkable: The RSI indicator is flat in the range of 37-40, meaning that there is neither buying pressure nor selling pressure in the market. Although such a structure has the possibility of recovery if the buying pressure re-emerges, this possibility seems quite low for now. Additionally, on-chain analyzes also support the stagnation in the market. According to CryptoQuant data, inflow and outflow flows to the exchanges remain almost unchanged; Only +0.13% increase was recorded in the exchange reserve, meaning that the funds either do not go to wallets or do not leave the exchanges, they are largely waiting in place.
It is Unclear Who Did What
Netflow data remains almost neutral at -0.34%, indicating that no significant buying or selling has occurred. Movements such as whale accumulations, transfers or liquidations are not observed. This suggests that players in the market may be waiting for a technical breakout or macro catalyst. In summary, SHIB is currently at risk of moving sideways in a low liquidity environment. Whether there will be a breakout or a decline largely depends on the revival of volatility in the market.
As a result, there is currently an “uncertain direction in which direction the Shiba Inu market will move”. Maintaining a horizontal course indicates a period in which investors patiently seek catalysts. However, the volatility in alternative coins and the shift in investor interest may also mean an unopportunistic period for SHIB. If a strong buy-side catalyst does not arrive soon, this recession could last for a long time and put pressure on the price. At this stage, a “wait and see” strategy may be valid for investors; However, if there is a bullish trend in alternatives, there is a risk that SHIB will lose its advantage.
