(MENAFN- coinxposure)
on june 10, shiba inu (shib) fell to a 21-month low of $0.00000543 due to the sec-induced collapse.
however, after the decline, shib launched a recovery campaign. consequently, the asset's value has increased by 32% during a remarkable five-day winning streak.
from mid-may to early june, despite constant bearish pressure, the price of shiba inu remained above $0.000008.
nonetheless, this resilience was tested during the market-wide decline precipitated by sec enforcement actions against binance and coinbase.
like the rest of the market, shib reached startling lows on june 10. despite a modest recovery, shiba inu ended the day with an enormous loss of 13.07%.
this was its most significant intraday decline since november 8, 2022, when a loss of 13.74 percent was recorded in the aftermath of the ftx implosion .
after closing on june 10 at $0.00000685, shiba inu continued to lose value over the subsequent two days. despite this, shib's recovery began on june 15, following a 2.90% increase in value.
from june 15 to june 19, shiba inu's gains persisted, resulting in a five-day winning sequence.
in the past five trading days, shib has gained 9.87%. however, what is more impressive is its recovery from its june 10 low of $0.00000543.
after seven days of trading below the price, shib reclaimed $0.000007 territory on june 17, thanks to its recovery campaign.
shiba inu's position above $0.000007 was bolstered by the stock's 3.30 percent increase on june 18.
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despite the pessimistic trend on june 17, the crypto basic highlighted shiba inu's on-chain metrics as indicators of an impending recovery.
this report was published when shib was still trading below the $0.000007 threshold.
a prominent trader, shib knight, drew attention to shiba inu's bullish momentum. the main market observer established $0.00000725, $0.00000736, and $0.00000752 as the following price targets for shib when it was trading at $0.00000720.
shiba inu achieved all three objectives, soaring to $0.00000755 on june 18 before encountering stiff opposition.
currently, shib is trading at $0.000000717, up 7.65% over the last week . the current price of shiba inu represents a 32% increase from its $0.00000543 low.