Shiba Inu crashes 8% in 24 hours: Good time to buy?

Shiba Inu price analysis for May 14, 2022, ends on a bearish note for the token with considerable chances of another price crash.
Shiba Inu price analysis for May 14, 2022, ends on a bearish note for the token with considerable chances of another price crash.

Shiba Inu price analysis for May 14, 2022, comes on a bearish note for the meme coin with increased chances of retaining the downtrend. In the last few months, we have seen the meme coin retain its position as the 15th biggest cryptocurrency in the market. As noted in our SHIB price analysis for April 22, the token lost the important price level of $0.000025, and the price since then has been declining. Furthermore, in the last 24 hours, we saw SHIB lose 8% of its prices while there are speculations that another drop might soon come.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped 34.34% in the last 24 hours, while the market cap of the token has dropped by 7.87% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1603, while the Market Dominance of the token dropped to 0.55%. 

The daily candle for Shiba Inu opened at a price of $0.00001281 and reached a daily high of $0.000013727. Moreover, the daily low for the token stands at a price of $0.00001237. The price of 1 SHIB at the time of writing is $0.00001252.

Shiba Inu price analysis on the daily chart for May 14

Shiba Inu price analysis for May 14 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 32 which means that the bears are currently in control of the price action and the gradient of the line suggests lower prices.

The MACD indicator shows that the signal line is below the MACD line and the bears are still dominating as the MACD histogram remains red.

The SHIB price action is situated in the bearish zone of the Bollinger Bands, after breaking from the lower end a few days ago. 

Conclusion

Shiba Inu price analysis for May 14, 2022, ends on a bearish note for the token with considerable chances of another price crash.

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