Shiba Inu bulls aim to take charge with a 2% surge in prices
Shiba Inu price analysis for May 28, 2022, comes on a bearish note for the token with increased chances of breaking the $0.000011 price region in the near future if the bulls take over. In the last 24 hours, we have seen SHIB prices jump by more than 2% and it seems that the bulls are bringing the fight to the bears. Additionally, in our SHIB price analysis for May 27, 2022, we noted that the nearest resistance for the token stood at the price of $0.000012.
The data from CoinMarketCap shows that the trading volume for SHIB has dropped 31.88% in the last 24 hours, while the market cap of the token has jumped by 2.52% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06123, while the Market Dominance of the token rose to 0.49%.
The daily candle for Shiba Inu opened at a price of $0.00001047 and reached a daily high of $0.00001073. Moreover, the daily low for the token stands at a price of $0.00001041. The price of 1 SHIB at the time of writing is $0.00001065.
Shiba Inu price analysis on the daily chart for May 28
Shiba Inu price analysis for May 28 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 means that the selling pressure is still very high for the price action of Shiba Inu.
The MACD indicator shows that the MACD line remains above the signal line as the chances of a bearish diverge are still very high.
The Shiba Inu price action is situated in the bearish zone of the Bollinger Bands and the narrowing of the Bands indicates lower prices.
Conclusion
Shiba Inu price analysis for May 28, 2022, ends on a slightly bullish note for the meme coin with considerable chances of breaking $0.000011.
