Shiba Inu secures bullish momentum, but is it short-lived?

• Shiba Inu topped LunarCrush’s crypto ranking based on social metrics and market activity.
• SHIB encountered some resistance at a key short-term level.

Shiba Inu [SHIB] has been performing surprisingly well lately despite the fact that the crypto market has been characterized by low volatility. SHIB has somehow managed to maintain healthy visibility despite the slow market conditions.

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For perspective, SHIB’s performance has attracted a favorable LunarCrush ranking. It ranked first against over 4,400 coins based on market activity and social metrics, confirming healthy activity within the Shiba Inu ecosystem.

Based on relative combined social + market activity, #ShibaInu has hit AltRank™ 1 out of the top 4,489 coins across the market.

AltRank™ measures a coin’s performance relative to the entire #crypto market.https://t.co/6W0wq2DvZb pic.twitter.com/Ha56ieEQIw

— LunarCrush (@LunarCrush) July 28, 2023

The LunarCrush findings reflected some of Shiba Inu’s metrics. For example, it maintained healthy social dominance and has been quite active during the last four weeks. Similarly, investor confidence has been on the rise judging by the steady uptick in its weighted sentiment.

SHIB’s bullish price action encounters resistance

Shiba Inu’s ranking and network performance also reflects the state of its native token. While most of the top cryptos have been experiencing sideways activity, SHIB’s price action has maintained a bullish bias in the last four weeks.

For example, it peaked at $0.00000845 during Friday’s trading session. SHIB’s price action previously experienced resistance after pushing up to the same range within the last six weeks.

SHIB’s MFI has already pivoted, suggesting that it was experiencing some outflows at press time. This is likely due to profit taking as it neared its aforementioned short-term resistance. Despite that, it is still holding on to relative strength as the RSI bounced back from its 50% level.

As noted earlier, there has been a slowdown in activity across the crypto market. However, this may not have had as much of an impact on Shiba Inu, especially when we consider that SHIB managed to rally even though the number of active addresses dropped considerably.

The last 24 hours were characterized by a surge in daily active addresses after previously dropping to its lowest level in the last four weeks. However, the same observation could signify a surge in sell pressure courtesy of the recent resistance retest.

How many are 1,10,100 Shiba Inu’s worth today?

Assessing Shiba Inu’s supply distribution also reveals something noteworthy. There was a surge in demand over the last four weeks. Most of the top address categories (whales) have been increasing their balances but the pace of accumulation has slowed down in the last two days.