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.
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.
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.
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.
$SHIB next targets 725, 736, 752 ? pic.twitter.com/mwxksu1aSV
— $SHIB KNIGHT (@army_shiba) June 18, 2023
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.