Shiba Inu (SHIB) is on a mission to recover its losses between May 6 and June 14. The token has embarked on an impressive rally, achieving its longest streak of daily gains since 2021. In conjunction with this bullish momentum, investors have withdrawn over 3.9 trillion SHIB tokens from exchanges, indicating their intention to HODL.

Shiba Inu Looking to Test $0.00001 Region

Shiba Inu (SHIB) continues to trade below the highly desired threshold of $0.000010. Within a month, SHIB has fallen below several crucial support levels, including $0.000010, $0.000009, $0.000008, and $0.000007. The token strives to regain these levels as part of its recovery efforts.

During its ongoing recovery campaign, Shiba Inu (SHIB) has witnessed a notable increase of 11.45%. This surge has resulted in the token achieving consistent intraday gains for six consecutive days starting from June 15. The last instance of SHIB experiencing such a sustained period of intraday gains was observed in October 2021, just before reaching (ATH).

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Shiba Inu’s pursuit of reaching the $0.00001 mark has encountered difficulties. Despite its efforts, the token has only reached a high of $0.00000755 in over a week, facing strong resistance below the $0.000008 level.

In order for Shiba Inu to reclaim the $0.00001 threshold, it needs to overcome the psychological barriers at $0.000008 and $0.000009. However, the ongoing recovery campaign has only surpassed the $0.000007 level. Despite yesterday’s recent market-wide rally, SHIB could not capitalize on it to regain the $0.000008 position.

According to a previous report by Fxcryptonews, many Shiba Inu investors acquired more than 15 trillion SHIB tokens within the price range of $0.00000701 to $0.00000800. This substantial accumulation has resulted in the formation of a massive resistance barrier within this price range, primarily due to the possibility of increased selling pressure from these investors.

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More Than 3.9T SHIB Moved Out of Exchanges

Despite encountering resistance, investors consistently withdraw their Shiba Inu tokens from exchanges, contributing to the prevailing bullish sentiment. According to market data provider CryptoQuant, data indicates that a significant amount of 3.9 trillion SHIB has been moved out of exchanges since June 14.

Over the past week, the metric measuring the outflow of Shiba Inu tokens from exchanges has shown intermittent surges. The largest spike was observed on June 14, when more than 702.9 billion SHIB were withdrawn from exchanges. Another substantial outflow of 678.9 billion SHIB occurred on June 18.

Furthermore, despite occasional increases in the inflow of tokens to exchanges, the netflow, which represents the difference between withdrawals and deposits, has predominantly remained negative in the last seven days. A negative netflow indicates that the amount withdrawn from exchanges exceeds the amount deposited. In the past week, the netflow of SHIB tokens on exchanges has totaled -683.59 billion tokens.

When investors exhibit a bullish sentiment, it is common to observe token outflows from exchanges. This is particularly significant as it indicates that investors are transferring their tokens to cold wallet storage, intending to hold them for an extended period. By doing so, they contribute to a reduction in selling pressure and help provide support to the token’s price. 

SHIB is currently traded at $0.000007346, showing a 3.26% increase within the last 24 hours.