SHIB bounces off golden ratio to new low, Experts advise buy the dip

The Shiba Inu (SHIB) has its exchange balances hitting a new low; however, the coin shows signs of rebounding from a golden ratio. The term “exchange pair” refers to the SHIB coins on crypto exchanges. When the exchange turnover decreases powerfully, investors probably transfer from the exchange to their personal wallets to either hold tokens or trade them elsewhere. 

Investors may perceive such a bullish view as evidence that the community or market has outperformed the exchange market, indicating their belief in the token’s future success. On-chain metrics for Shiba Inu involve the analysis of data held on a blockchain to determine network performance and investor opinions. 

Some of the other metrics are transaction volume, network congestion, and wallet addresses that hold large tokens. Now, the fact that 761.84k public wallets hold SHIB tokens may serve as confirmation that investors are still interested in Shiba Inu. 

Traders use the golden ratio, also known as the Fibonacci retracement level, as a central component to identify potential areas of support and resistance in a price trend. It is contingent on the token’s ability to attract more investors whether SHIB’s price movement in the golden ratio signifies a reversal or an extension of the current trend. Hence, investors may find solace in developing a comprehensive strategy and acquiring a firm grasp on the Shiba Inu price forecast

At present, SHIB continues to trade at $0.00001085 US dollars per unit, boasting 589.59T SHIB in its total supply and a 24-hour trading volume of $133,458,586. At present, the crypto market cap is $6,387,411,960, and the price value is 3.50 percent higher today than yesterday. 

Following an initial surge in investor attention on cryptocurrency exchanges, the Shiba Inu coin experienced a gradual ascent in value, culminating in its establishment of a new all-time high on October 28, 2021. 

Any change in the market will affect the coin, potentially leading to quick value fluctuations. In 2022, the coin reached its highest price of $0.00003436 and experienced a sideways to downward movement. Although, the price had recovered by the end of the year and was significantly higher.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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