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HomeCrypto NewsMarketShiba Inu Posts Gains for 5 Consecutive Days, Rallies by 32%

Shiba Inu Posts Gains for 5 Consecutive Days, Rallies by 32%


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Shiba Inu has now printed persistent gains for five consecutive days, resulting in a value 32% up from the low of $0.00000543 observed on June 10.

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Shiba Inu (SHIB) felt the blow from the SEC-induced collapse on June 10, plummeting to a 21-month low of $0.00000543. However, following the drop, SHIB embarked on a recovery campaign. Consequently, the asset has recovered by 32% amid an impressive five-day winning streak.

Shiba Inu’s Woes

Despite the constant pressure from the bears, Shiba Inu held above the $0.000008 price point from mid-May to early June. However, this resilience was put to the test during the market-wide drop facilitated by the SEC’s enforcement actions against Binance and Coinbase.

SHIB plummeted to shocking lows on June 10, like the rest of the market. Despite a slight rebound, Shiba Inu closed the day with a massive 13.07% loss. This represented its largest intraday decline since the 13.74% loss observed on Nov. 8, 2022, in the wake of the FTX implosion.

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After closing June 10 with a $0.00000685 price, Shiba Inu continued to shed off its value in the two days that followed. Nonetheless, SHIB’s recovery began on June 15, following a 2.90% gain observed.

Shiba Inu Reclaims $0.000007 Amid Recovery

Shiba Inu’s gains persisted, leading to a five-day winning streak from June 15 to June 19. Within these five days, SHIB has gained by 9.87%. However, what’s more impressive is its recovery from the $0.00000543 low on June 10.

SHIB’s recovery campaign saw it reclaim the $0.000007 territory on June 17 after trading below the price for seven days. A 3.30% gain on June 18 gave Shiba Inu enough backing to solidify its position above the $0.000007 territory.

Amid the bearish trend on June 17, The Crypto Basic emphasized that Shiba Inu’s on-chain metrics sent signals of a looming recovery. This report emerged when SHIB still changed hands below the $0.000007 territory.

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SHIB Knight, a prominent trader, called attention to Shiba Inu’s bullish momentum. The notable market watcher set up $0.00000725, $0.00000736, and $0.00000752 as SHIB’s next targets at a time when the asset was trading at $0.00000720.

Shiba Inu hit all three targets, soaring to $0.00000755 on June 18 before facing stern resistance. SHIB is currently trading for $0.00000717, up 7.65% over the past week. At its current price, Shiba Inu has recovered by 32% from the $0.00000543 low.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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