Shiba INU (SHIB) price traded in nothing through the entire summer, as the gains incurred through the recent upswing also remain void right now. Despite carrying out a consolidated ascending trend, the asset does not display a solid projection for the month. The SHIB price fell sharply in the last seven days, below the key 50-day MA levels. Hence flashing acute bearish signals for the month.
The on-chain indicators indicate the assets market sentiments have already been on a growth but indicate an acute bearish trend could possibly be imminent.
Huge Drop in the Daily Active Address
Shib INU price is registering frequent spikes in the daily active address could explain towards the holders onboarding their coins onto the exchanges. This may adversely impact the purchase price being an inflow in to the exchanges is to sell the asset.
An incredible number of SHIB Moved out of Dormant Address
Recently, plenty of SHIB was discrete for circulation that has been dormant for a while. Nearly 1.54 trillion SHIB tokens were taken off moved after being dormant for pretty much six months.
Slight upsurge in the Social Volume
Shib INU is really a popular asset with regards to social mentions and social sentiments. Lately, the asset witnessed a marginal upsurge in social dominance that are because of its upcoming game Shiba Eternity & burning of an incredible number of SHIB tokens.
Taking into consideration the above indicators, Shiba INU(SHIB) price is apparently poised to decline significantly within the next little while. The asset that is trading at around $0.00001225 could plunge below $0.00001, hitting $0.0000098 that have been Julys lows. However, on the brighter side, the bearish theory could be invalidated if the purchase price rebounds above $0.000017, indicating another rise in September.