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SHIB, ETH twerking as Reddit attributed buy calls look for new resistance level

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Source: Unsplash


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?

Santiment data showed that “buy” calls were seeing an uptick and attributed this to Redditors and the Reddit community’s crypto discussions. While Twitter has been seeing an increase in “buy” social trends since mid-April, they have been falling after that. However, calls on Reddit appear 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 supply for SHIB showed that tokens have been moving off the exchanges since about 11 April. This corresponded with SHIB’s rise in price on 12 April. To refresh your memory, this was close to the time Robinhood decided to finally list the much-loved meme coin.

Source: Santiment

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.

Source: Santiment

1-9-ETH-4

On that note, let’s zoom in a little closer to see what the price indicators have to say. Looking at the Bollinger Bands on SHIB, we can see that the bands are moving closer together, which indicates a fall in 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.

Source: Trading View

On the other hand, Ether didn’t look so steady, as the Relative Volatility Index [RVI] came in close to 50. Values above 50 are meant to indicate buy signals, but for now, ETH still appears to be in a tenuous place, with a red candle forming at press time.

Source: Trading View

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.

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Sahana is a full-time journalist at AMBCrypto. She has a Masters in Journalism and her areas of study include crypto-regulation, digital society, privacy, and intersectionality. Ask her about film photography and philately.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.