In recent times, the Shiba Inu system has undergone modifications at the hands of developers, aiming to enhance the digital currency’s potential future growth. Simultaneously, hidden data from the blockchain indicates a positive outlook among SHIB investors, as the amount held on exchanges reaches record lows.
An optimistic perspective is reinforced by SHIB‘s price rebound from the significant 0.618 Fibonacci level, also recognized as the “golden ratio.” This and other favorable indicators are shaping up for a potential price increase that could result in a notable growth trend for SHIB within the current market phase.
Exchange Balances For SHIB Hit New Lows
Based on data from CryptoQuant’s SHIB analytics, the amount of SHIB tokens held in cryptocurrency exchanges has been rapidly decreasing for most of this year. Currently, approximately 150 trillion SHIB tokens are stored in exchanges, a significant drop from the 164 trillion SHIB tokens that were there on February 29. This represents a decrease of about 14 trillion SHIB tokens within just a couple of months.
A decrease in SHIB coins held in exchanges implies that investors are holding onto their tokens rather than selling, which can be seen as a positive sign for the SHIB market. This trend has intensified recently based on on-chain data showing heightened activity from large Shiba Inu investors, or “whales,” who have been amassing significant amounts of SHIB tokens. For instance, a new whale address has acquired 237.8 billion SHIB tokens, worth approximately $6.9 million.
In the past few months, SHIB‘s price has displayed an intriguing pattern. After hitting a significant support at the 0.618 Fibonacci ratio level on April 14th, SHIB rebounded, suggesting a potential golden ratio recovery. This level, identified by the Fibonacci tool, is crucial as it marks the beginning of an uptrend for SHIB. Following a correction of more than 51% that took its price down to around $0.00002117 on April 15th from its yearly high at $0.00004400, this bounce was an essential sign for investors.
Shiba Inu To $0.0001?
Currently, SHIB is priced at $0.00002702 during my writing, marking a 19% gain in the last week. Surprisingly, the value of SHIB has risen by more than 27% since it surpassed the golden cross, indicating a complete shift in crypto market sentiment towards bullishness for SHIB.
The essential indicators suggest that the SHIB price is likely to rise further in the near future due to increasing mainstream attention and acceptance. One significant factor contributing to this trend is the recent $12 million investment secured by the Shiba Inu team to build a layer-3 blockchain called Shibarium on top of the SHIB network.
The shrinking supply of SHIB on exchanges and its strong recovery following a bounce off a significant Fibonacci level create favorable conditions for a price rise to $0.00004400 or even higher. If SHIB manages to break through this resistance, it could lead to a rally towards $0.00008616, which is a 218% jump from the current price.
Read More
Sorry. No data so far.
2024-04-25 01:16