Despite some changes to its ecosystem, the Shiba Inu [SHIB] team working on its metaverse released a new update.The Canyon art concept was made public to the SHIB community in a blog post that was published on October 4th.
Even though some members of the community may have been excited by the development, some investors may not find the update to be any different from anything else that is going on in the ecosystem.
SHIB’s volume did not even come close to showing signs of anticipation following the update.There was hardly any evidence of the metaverse effect, as the 24-hour trading volume decreased by 10% to $178.49 million.
Is there any desire left?
Additionally, SHIB burn activity was affected.The burning rate has decreased by 94.65% in the last 24 hours, as reported by ShibBurn.
As a result, 410.38 trillion SHIB have been burned since the initial supply was replenished.Between October 3 and the time of this writing, 2.33 million SHIB worth of tokens were burned.
A similar burning pattern was previously observed for the concept that was previously unveiled.However, the two events appear to differ in some way.
The meme token preferred a slight increase of 1.81 percent this time, despite the fact that SHIB’s price fell back then.Despite this, SHIB’s readiness for a rally was not indicated by this increase.
Where should one set expectations?
Shiba Inu appeared to be moving toward a stable buying level on the daily chart.The momentum shown by the Relative Strength Index (RSI) demonstrated this.
SHIB confirmed that it had left the massive selling zone it struggled with on September 21 with the RSI at 47.08.
SHIB buyers were getting close to control in this situation, which may have stabilized the SHIB price against red candles.
However, the Directional Movement Index (DMI) indicated that buyers and sellers of SHIB were competing for relevance.The +DMI (yellow) was 18.30 at press time, and the -DMI (red) was 17.27.
The Average Directional Index (ADX) showed weak strength to support the bullish signs’ slight advantage.
With the ADX at 12.04, which was below 25, there was a good chance that bearish momentum was near.SHIB demonstrated solid buying momentum in relation to the Money Flow Index (MFI).
SHIB investors appeared very interested in pumping more liquidity and maintaining the RSI condition at 57.07.
If the MFI rate continues to rise, it may be able to maintain the current rise in the SHIB price.Nonetheless, investors might want to keep an eye on the overall sentiment of the crypto market.
SHIB could likely go along with Bitcoin [BTC] if it decides to go down the charts.