Shiba Inu (SHIB), the popular meme coin, has been battling a price slump throughout June. However, a recent analysis by Kyledoops, a technical analyst on X, suggests a potential turnaround on the horizon
Kyledoops points to data from CryptoQuant that reveals a significant decrease in selling pressure among SHIB investors. This is evidenced by the net flow of SHIB entering exchanges being significantly lower than the outflow. This trend, Kyledoops believes, could attract “whales” (large investors) back to SHIB, leading to a price increase.
Recent data shows a significant movement of SHIB away from exchanges. While inflows reached around 78.4 billion SHIB, outflows totaled a staggering 121 billion SHIB, resulting in a negative net flow of 42.6 billion SHIB. This trend suggests that holders are either transferring their SHIB to other platforms or opting to hold onto their tokens. This, in turn, helps maintain some stability in SHIB’s market value.
Can SHIB Reach $0.0002?
The reduced net flow of SHIB excites Kyledoops, who sees it as a potential indicator of a price reversal and a bullish outlook. He suggests that whales might be accumulating SHIB at its current low price, potentially driving the meme coin back to around $0.00002. This would mark a significant shift for SHIB, with the reduced selling pressure potentially leading to a price surge.
A Word of Caution: Historical Trends
Kyledoops also acknowledges the historical trend of SHIB experiencing price declines in June. Data shows a 33.1% drop this month, exceeding historical dips. To break free from this pattern, SHIB would need to reach around $0.000026 before the month’s end.
The Road Ahead for SHIB
While a price increase to $0.00002 would reignite bullish sentiment, surpassing the historical decline of June would be a bigger win for SHIB. Investors will be closely monitoring SHIB’s movements over the next few days to see if it can defy the historical trend and reach the $0.000026 target.
Also Read: Shiba Inu Fans Breathe Easy: Binance Reiterates SHIB Availability Despite Trading Pair Removal
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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