At the moment, there is no directional bias in the crypto market. The prices of assets have been oscillating around their current range for weeks. Parallelly, the aggregate valuation has also stagnated around the $800 million mark.
Bulls and bears have been almost equal in numbers of late. Resultantly, they’ve been canceling out each other, leaving prices unaltered. Such has been the case with Shiba Inu holders as well. The largest meme asset’s price has merely noted a 0.5% downward deviation over the past hour. The weekly number also stood at a mere 3%.
With respect to the number of bulls and bears, data from IntoTheBlock revealed that the SHIB ecosystem comprised 109 bulls and 110 bears.
Simplistically, the bulls and bears indicator tracks the number of addresses that purchased or sold more than 1% of the total amount of volume traded on a given day. So, those who bought more than 1% of the total volume are bulls, and those who sold more than 1% fall under the bears category.
In terms of absolute numbers, bears are currently leading. Since the number is almost negligible, it doesn’t essentially give them any positional advantage.
Also Read: What Is The Typical Shiba Inu Hold Time Period?
Shiba Inu Buy vs Sell Trades
Market participants are evidently divided at the moment. In fact, the buyer-seller trades difference metric justified the same. As depicted below, over the past 30 minutes and 1 hour, more sell trades involving billions of Shiba Inu tokens have taken place. On other timeframes, however, buyers seemed to be racing ahead.
On the price front, SHIB has already lost its immediate support that it established in November. If bearish momentum intensifies going forward, then it may drop by 11% to visit its 2022 lows created in mid-June. However, if it manages to reclaim its immediate support, it could register an uptick of upto 13%, till its 50 EMA.
If conditions remain humdrum, then, SHIB can be expected to continue moving horizontally around its current price level this week.
