SHIB Tokens on Exchanges Hit 2-Yr Low Amid Bearish Trend
The Essentials in Brief
The number of Shiba Inu (SHIB) tokens held on exchanges has reached a new two-year low. This could be an important signal for SHIB holders before they plan their next steps. A decrease in the exchange reserve often indicates a reduction in selling pressure. However, the current market situation shows an increase in bearish sentiment for SHIB.
A Closer Look at SHIB’s Market Behaviour
According to data from Glassnode, the volume of SHIB tokens held on cryptocurrency exchanges has fallen to its lowest level since March 2022. Since the beginning of the year, the exchange reserve has decreased by 7%, meaning that currently 147 trillion SHIB are lying on exchange addresses.
While a decrease in an asset’s exchange reserve can indicate a reduction in selling pressure, the general market weakness in recent weeks has led to an increase in bearish activities in the SHIB market. The Awesome Oscillator, which measures market trends and dynamics, has only been showing red, upward-facing bars since March 10, indicating a decline in bullish momentum.
Furthermore, an analysis of the Moving Average Convergence Divergence (MACD) indicator of SHIB confirms that the MACD line fell below its signal line on March 14. This indicates a revival of the bears, as the value of the meme coin has since fallen by 33%. Such an intersection often signals a loss of bullish momentum and can serve as a hint for traders to close their long positions.
The Impact on the Futures Market
In the SHIB futures market, the open interest has decreased by 36% since March 6, suggesting that market participants have closed their positions without opening new ones. This reflects the increased bearish sentiment and could be an indicator of further price movements.
Our Assessment
The current situation in the SHIB market clearly shows that investors should be cautious. The increase in bearish sentiment and the decrease in the exchange reserve could indicate continued challenging times for SHIB. Investors should closely monitor these developments and adjust their investment decisions accordingly. As always, it is important to conduct your own research and follow a diversified investment strategy.
Sources: Glassnode, Coingecko, Coinglass
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