Due to reduced selling pressure, Kyledoops (@kyledoops), a technical analyst on X, has proposed that SHIB could soon bounce back from its current price of around $0.00002.
Referencing data from CryptoQuant, the analyst notes the reduced selling pressure among SHIB investors. According to him, the reduction in sales could attract SHIB whales, leading to an increase in value.
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SHIB’s Reduced Trading
The most recent data shows inflows of around 78.4 billion SHIB to exchanges and outflows of 121 billion SHIB, a significantly larger amount. This brings the net flow for crypto exchanges to negative 42.6 billion SHIB.
Shiba Inu’s last positive net flow was on June 24, with over 2.3 trillion SHIB in inflows to exchanges and 1.29 trillion SHIB in outflows, bringing the net flow of that day to 1.01 trillion SHIB. However, SHIB experienced a decline to $0.000016 on that day.
Over the last few days, more Shiba Inu tokens have been taken out of exchanges than have been deposited into them. This withdrawal trend suggests that holders are either moving their tokens to other platforms or holding onto them, which has helped maintain the stability of Shiba Inu’s market value during this period.
Can SHIB Reach $0.0002?
According to Kyledoops, the lower net flow suggests a potential price reversal and a bullish outlook. The analyst believes whales are accumulating more SHIB while the price is low, which could boost the meme coin’s price to around $0.00002. This reduced selling pressure could bring a significant shift for the meme coin.
Kyledoops also highlighted SHIB’s correlation to Bitcoin. He is convinced that Bitcoin’s climb above $60,000 shows recovery. Regaining the $0.00002 level will be a significant step for SHIB after the meme coin lost this level on June 17.
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However, breaking above $0.00002 will not break Shiba Inu’s historical trend of price declines in June. Cryptorank data shows that SHIB has fallen 33.1% in June, significantly higher than historical declines in the same month.
SHIB will need to surge to around $0.000026 to break this historical trend, and investors will eagerly watch over the next few days. However, a surge to $0.00002 will renew the bullish sentiment surrounding SHIB, which could help it climb to the $0.000026 target before the month ends.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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