Shiba Inu back at 16th position in the market: Prices surge by 12%

Shiba Inu price analysis
Source: TradingView

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Shiba Inu price analysis for June 21, 2022, comes on a bullish note for the meme coin after the prices surged by nearly 12% in the last 24 hours. Furthermore, we have also seen the token retain the $0.000008 price level and also reclaim the $0.000009 price level. However, it is important to note that there is a crucial resistance level toward the $0.000010 price region and it will be interesting to see if SHIB reclaims this region. As noted in our SHIB price analysis for June 20, 2022, the meme coin did fall to the 17th position in the market but at the time of writing, is the 16th biggest coin in the market.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 9.56% in the last 24 hours, while the market cap of the token has surged by 4.02% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06535, while the Market Dominance of the token dropped to 0.50%. 

The daily candle for Shiba Inu opened at a price of $0.00000822 and reached a daily high of $0.00000801. Moreover, the daily low for the token stands at a price of $0.00000801. The price of 1 SHIB at the time of writing is $0.00000909.

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Shiba Inu price analysis on the daily chart for June 21

Shiba Inu price analysis for June 21, 2022, will take into consideration the data from the indicators integrated into the daily chart below.

Shiba Inu price analysis
Source: TradingView

The RSI indicator reads a value below 43 which means that investors can expect SHIB to turn bullish and retain $0.000009.

The MACD indicator shows that the MACD line is moving away from the signal line and the bullish intensity of the MACD histogram is increasing.

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The Shiba Inu price action aims to retest the middle zone of the Bollinger Bands which means that investors need to wait before a reversal is confirmed.

Conclusion

Shiba Inu price analysis for June 21, 2022, ends on a bullish note for the SHIB token with high chances of holding above $0.000009.

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