These Indicators Show Shiba Inu Could Go on a Bullish Break

Shiba Inu could go on a bullish break if the current conditions continue.

Shiba Inu has continued to experience adverse price action alongside other crypto assets. The doggy-themed cryptocurrency is down 4.4% in the past seven days and 8.4% on the 14-day chart.

At press time, SHIB is changing hands at $0.00000730, up 1.5% in the past 24 hours. Despite SHIB’s low price, the prominent token could be close to a bullish break.

Bulls and Bear Indicator

This indicator tracks the number of addresses that bought and sold, 1% of the total volume traded daily. SHIB has a 24-hour trading volume of $125M at the time of writing.

Using the indicator, investors who bought 1% of SHIB’s 24-hour trading volume ($1.25M) are considered bulls, while those who sold $1.25M worth of SHIB are bears.

According to IntoTheBlock data, Shiba Inu’s bullish participants are more than their bearish counterparts. The data showed 153 SHIB bulls in the past seven days compared to 147 bears. This suggests that the bulls and bears are engaged in a fierce trade battle. 

Shiba Inu’s Low Buy-Side Momentum

Furthermore, Shiba Inu currently has inadequate buy-side momentum. Per IntoTheBlock’s large holders netflow metric, SHIB’s inflow for the past day stood at 579.2B, while its outflow was around 480.1 billion. Consequently, SHIB has a net flow of 99.1B coins, $723,430.

SHIB’s Social Activities Decline

Additionally, Shiba Inu’s social sentiment is currently on the low side. Data from LunarCrush indicates that Shiba Inu’s social mentions and social dominance in the past week are down 94.3%. Similarly, the asset’s social engagement is also down 97.4% in the past seven days.

Although Shiba Inu has more bullish participants, the token needs a positive buy momentum and sentiment to rally. 

Meanwhile, Shiba Inu’s governance token Bone ShibaSwap (BONE), has continued to enjoy a tremendous rally. The token is trading at $1.33, up 20.3% in the past 24 hours.