The post Bulls Mount 4.2 Trillion SHIB Buy Orders to Spark $0.000020 Rebound appeared on BitcoinEthereumNews.com.

The Shiba Inu price closed trading at $0.00017 on June 30, sealing a 36.6% loss performance for the month. However, on-chain data shows that bull traders are now bracing up for a strong start to July. Will the $0.000020 resistance cave in the week ahead? SHIB Price Halts Reversal $0.000017 as Bulls Swing into Action After a torrid end to the month, Shiba Inu and other mega-cap meme-coin projects all ended June 2024 with a negative growth performance. On June 30, SHIB closed at $0.000017, reflecting a 34% loss for the month. Shiba Inu Price Action | SHIBUSD | TradingView The chart above shows how Shiba Inu price had fallen from the $0.000026 on June 1 to close to the $0.000017 level on June 30. But zooming out, the chart shows that SHIB had closed the month with strong demand, as reflected by the two-consecutive green candles. During that period SHIB price has surged by 7% from the recent lows recorded during the crypto market crash on June 24. This suggests that after nearly 35% losses in the past month, SHIB bulls are making strategic moves behind the scenes to regain a foothold in the market, while savvy traders on the sidelines are also seeking to scoop the dip. Bull Traders Mount Orders to Buy 4.2 Trillion SHIB Shiba Inu price has made a strong close to June 2024, scoring a mild 7% upswing to reclaim the $0.000017 level. However, on-chain data suggests that SHIB bulls could be bracing up for much larger gains in the first week of July. IntoTheBlock’s Exchange Order Books data tracks the total value of buy/sell orders placed for specific crypto assets aggregated across cryptocurrency exchanges. When buy orders exceed sell orders, it is often a precursor to a price appreciation phase and vice versa.…

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Filed under: News - @ July 1, 2024 11:22 am