After days of floundering in the red after Bitcoin fell below the $40k mark, the crypto market finally turned green once more. Naturally, many investors are wondering if now is a good time to stack some stats, collect some more diamonds, or add new dogs to their kennel.
Greener on the other side?
Data from Santiment showed that “buy” calls were on the rise and attributed this to Redditors and crypto discussions in the Reddit community. While Twitter has seen an increase in “buy” social trends since mid-April, they have since plummeted. However, calls on Reddit seem to be on the rise.
So, are investors walking the talk? Are coins and tokens actually leaving the exchanges and disappearing into the wallets of HODLers? Let’s look at one coin and one token: Ether [ETH] and Shiba Inu [SHIB]
Water-SHIB down
The exchange offering for SHIB showed that the tokens had left exchanges since around April 11. This matched SHIB’s price hike on April 12. To refresh your memory, this was around the time Robinhood finally decided to list the much-loved meme coin.
Meanwhile, ETH has also been sliding off exchanges, albeit with a lot less drama and steep drops. There were fewer than 15 million ETH on exchanges at the time of writing, and the trend was continuing despite the top alt’s recovery in price.
1-9-ETH-4
On that note, let’s zoom in a bit more to see what the price indicators have to say. Looking at the Bollinger Bands on SHIB, we can see that the bands are getting closer, which indicates lower volatility.
However, it’s key to remember that as a meme token, SHIB is more susceptible to shock changes – such as Elon Musk’s next puppy tweet.
On the other hand, Ether did not look so stable, as the relative volatility index [RVI] came close to 50. Values above 50 are meant to indicate buy signals, but for now, ETH still appears to be in a tenuous position, with a red candle forming at press time.
At the time of this analysis, ETH was trading at $3,043.35 after recovering by 4.33% in the past day. Meanwhile, SHIB was changing hands at $0.00002505 after rallying by 4.11% in a day.
