The past six days have seen Shiba Inu (SHIB) move in a manner that seeks to reclaim all losses incurred from May 6 to June 14.
SHIB’s present run oversaw the token to attain its longest intraday winning streak since 2021. Investors seem to notice this latest trend culminating in the withdrawal of over 3.9 trillion tokens from exchanges, signaling an objective to HODL.
Read Also: Here’s How Much Shiba Inu (SHIB) Investors Need to Hold to Become Millionaires at All-Time High
Shiba Inu (SHIB) Chances Of Reclaiming The Projected $0.00001 Price Level
Presently, Shiba Inu is still selling below the $0.000010 price mark. However, the token broke below the support levels at $0.000010, $0.000009, $0.000008, and $0.000007 in just a month and is on the path to recovery.
During the recovery run, Shiba Inu has spiked by 11.45%, recording persistent intraday gains for six consecutive days since June 15, a feat the dog-themed meme project previously attained in October 2021, before its all-time high.
Shiba Inu (SHIB) Recent Struggles To Break The Resistance Level
So far, the highest price level Shiba Inu has ever attained was the $0.00000755 price mark, with firm opposition staged below the $0.000008 territory. Reclaiming the $0.00001 market cost requires breaking the psychological levels at $0.000008 and $0.000009.
Remarkably, the recent rally only culminated in conquering the resistance level at $0.000007 and failing to leverage its impressive run to hit the $0.000008 point.
Notably, many Shiba Inu investors purchased over 15 trillion SHIB tokens between the $0.00000701 and $0.00000800 market costs, creating an enormous resistance wall due to potential selling pressure.
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Over 3.9 Trillion Tokens Leave Exchanges: What Does This Imply?
Per data from CryptoQuant, about 3.9 trillion SHIB has left exchanges since June 14 and thus contributing to Shiba Inu’s persistent bullish run. Over the last few weeks, the Shiba Inu Exchange Outflow metric has witnessed occasional surges, with over 702.9 billion SHIB moving out of exchanges on June 14 and another 678.9 billion SHIB outflow recorded on June 18.
In addition, there has been a significant inflow. On the other hand, the outflows seemed predominant, resulting in a negative net flow valued at about -683.59 billion tokens.
Nevertheless, the predominant outflow rate suggests bullish sentiments for SHIB tokens because investors are bound to withdraw their tokens from exchanges when they intend to hold onto them for a long in cold wallet storage.
Withdrawing tokens from exchanges has proven to minimize selling pressure while providing a significant support level. SHIB’s price as of the time of filing this report, is trading for $0.000007822 and is up by relatively 6% in the past 24 hours.
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