Shiba Inu investors expecting a metaverse takeover should read this

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The Shi­ba Inu [SHIB] team work­ing on its meta­verse released a new update despite some down­turn in its ecosys­tem. In the blog post pub­lished on 4 Octo­ber, SHIB revealed the Canyon art con­cept to its community. 

While the devel­op­ment may have excit­ed a part of its com­mu­ni­ty, some investors may not find the update any dif­fer­ent from every­thing hap­pen­ing around the ecosystem. 

Fol­low­ing the update, SHIB’s vol­ume was nowhere near show­ing antic­i­pa­tion signs. With a 10% decrease in 24-hour trad­ing vol­ume to $178.49 mil­lion, there was hard­ly any indi­ca­tion of the meta­verse effect.

Source: San­ti­ment

Any burning desire left?

Fur­ther­more, SHIB burn activ­i­ty also took a hit. Accord­ing to Shib­Burn, there was a 94.65% decrease in the burn­ing rate in the last 24 hours. 

This left the total num­ber of SHIB burned since the ini­tial sup­ply to 410.38 tril­lion. 2.33 mil­lion SHIB was the num­ber of tokens burned between 3 Octo­ber and press time.

Source: Shib­Burn

For the con­cept released ear­li­er, a sim­i­lar burn­ing pat­tern was not­ed before. How­ev­er, there seems to be some dis­par­i­ty between the two events. 

While SHIB reg­is­tered a price decrease then, the meme token pre­ferred a slight 1.81% uptick this time. Still, this increase did not indi­cate that SHIB was ready for a rally.

Where should expectations lie?

On the dai­ly chart, Shi­ba Inu seemed to be head­ing towards a sta­ble buy­ing lev­el. This was revealed by the momen­tum shown by the Rel­a­tive Strength Index (RSI).

With the RSI at 47.08, SHIB con­firmed that it had left the mas­sive sell­ing zone it strug­gled with on 21 September.

Fol­low­ing this sta­tus, SHIB buy­ers were approach­ing con­trol and may steady the SHIB price against red candles. 

How­ev­er, indi­ca­tions from the Direc­tion­al Move­ment Index (DMI) revealed that SHIB sell­ers and buy­ers were fight­ing for rel­e­vance. At press, the +DMI (yel­low) was 18.30 while the ‑DMI (red) was 17.27. 

While the bull­ish signs had a slight edge, the Aver­age Direc­tion­al Index (ADX) indi­cat­ed weak strength to sup­port the advantage. 

With the ADX below 25, at 12.04, there was a high chance that bear­ish momen­tum was close by. Con­sid­er­ing the Mon­ey Flow Index (MFI), SHIB showed sol­id buy­ing momentum. 

At 57.07, SHIB investors seemed very inter­est­ed in pump­ing more liq­uid­i­ty and sus­tain­ing the RSI condition. 

The impli­ca­tion of a con­tin­ued MFI increase is that it could sus­tain the cur­rent SHIB price rise. Still, investors may need to watch out for the larg­er cryp­to mar­ket sentiment. 

In a case where Bit­coin [BTC] decides to take a trip down the charts, SHIB could like­ly accom­pa­ny it.

Source: Trad­ingView

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