Shiba Inu Exchange Balances Reach New Low As SHIB Bounces Off Golden Ratio

The Shiba Inu ecosystem is update In recent days, as developers seek to strengthen the prospects of cryptocurrencies in the long term.On-chain data behind the scenes Revealing a bullish trend Among SHIB investors, exchange balances fell to their lowest levels.

Adding to the bullish picture is the fact that SHIB’s price has quickly rebounded from the key Fibonacci ratio 0.618 level, known as the ‘golden mean’. The combination of these indicators is particularly poised for a price surge that could see his SHIB skyrocket in the current market cycle.

SHIB exchange balance hits new low

according to cryptoquant’s According to the SHIB Analytics Dashboard, the total amount of SHIB reserves on crypto exchanges has been in freefall for most of this year. As of this writing, SHIB exchange reserves currently stand at approximately 150 trillion tokens, while on February 29, SHIB tokens were at 164 trillion tokens. This means that the total number of SHIB tokens in cryptocurrency trading reserves has decreased by SHIB 14 trillion in less than two years. Several months.

The decline in exchange reserves is a somewhat bullish indicator for SHIB as it indicates that holders are less likely to sell their coins and are instead choosing to store them in private wallets. Exfiltration from the exchange has gotten worse, especially in recent weeks, with on-chain data revealing an increase in Shiba Inu Whale activity. For example, recent accumulation The new whale address will give you 237.8 billion SHIB tokens worth $6.9 million.

Additionally, price action in recent months has seen SHIB’s price bounce back from the Fibonacci ratio level of 0.618 on April 14th, setting the stage for a golden ratio rebound. This is an important support level according to the Fibonacci tool, and this pullback signaled the beginning of a major uptrend. SHIB encountered this rebound around the $0.00002117 price level on April 15, after a more than 51% correction from its annual high of $0.00004400.

Is Shiba Inu $0.0001?

At the time of writing, SHIB was trading at $0.00002702, up 19% over the past seven days. Interestingly, SHIB price has risen over 27% since rebounding above the golden cross, confirming that the cryptocurrency has completely reversed into bullish territory.

basic point to SHIB prices continue to soar In the midst of mainstream interest and adoption in the coming days.One of those is his recent $12 million investment. raised by The Shibainu team will develop a layer 3 blockchain on top of Shibarium.

With exchange supply decreasing and SHIB building sharply higher after rebounding from a key Fibonacci level, the ingredients are in place for a rally above $0.00004400. If SHIB clears this resistance, it will begin a rally towards $0.00008616, which would represent a 218% upside from today’s price.

SHIB price sitting at $0.000026 | Source: SHIBUSDT on Tradingview.com

Featured image from Crypto News Flash, chart from Tradingview.com

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