Shiba Inu back at 16th position in the market: Buy or wait?
Shiba Inu price analysis for June 18, 2022, comes on a bearish note for the token with increased chances of the price action remaining sluggish in the near future. Furthermore, it seems that the nearest support for the token rests at the $0.000008 price region and we can expect SHIB to retain prices above this region. As noted in our SHIB price analysis for June 17, 2022, the token tried to break into an uptrend but failed to do so and as a result, lost its 15th position in the market, dropping to 17th. However, bulls were back and SHIB reclaimed the 16th position in the market.
The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 42.44% in the last 24 hours, while the market cap of the token has dropped by 0.25% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.0411, while the Market Dominance of the token rests at 0.50%.
The daily candle for Shiba Inu opened at a price of $0.00000818 and reached a daily high of $0.00000827. Moreover, the daily low for the token stands at a price of $0.00000807. The price of 1 SHIB at the time of writing is $0.00000814.
Shiba Inu price analysis on the daily chart for June 18
Shiba Inu price analysis for June 18, 2022, will take into consideration the data from the indicators integrated into the daily chart below.
Source: TradingView
The RSI indicator reads a value below 32 which confirms that bears dominate the Shiba Inu price action.
The MACD indicator shows that the MACD line continues to touch the signal line as the sluggish movement of SHIB continues.
The Shiba Inu price action aims to break out from the lower end of the Bollinger Bands soon as it is situated in the bearish region of the Bands.
Conclusion
Shiba Inu price analysis for June 18, 2022, ends on a sluggish note for the SHIB token with high chances of holding above $0.000008.
