Shiba Inu price analysis for June 2, 2022, comes on a bearish note for the token with increased chances of retesting the $0.000010 price level as support and if this region holds for long, we can expect a move towards $0.000011. In the last 24 hours, SHIB prices dropped by 6% and the token failed to maintain price action above the $0.000011 price level as well. Furthermore, as noted in our SHIB price analysis for June 1, 2022, there is a major resistance zone near the $0.000012 price region which remains unbroken for now.
The data from CoinMarketCap shows that the trading volume for SHIB has risen by 13.86% in the last 24 hours, while the market cap of the token has dropped by 6% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.07201, while the Market Dominance of the token dropped to 0.49%.Â
The daily candle for Shiba Inu opened at a price of $0.00001090 and reached a daily high of $0.00001109. Moreover, the daily low for the token stands at a price of $0.00001072. The price of 1 SHIB at the time of writing is $0.00001096.
Shiba Inu price analysis on the daily chart for June 2
Shiba Inu price analysis for June 2 will take into consideration the data from the indicators integrated into the daily chart below.
The RSI indicator reads a value below 37 which means that the bears are still in control of the price action and the chances of lower prices are high.
The MACD indicator shows that the MACD line remains above the signal line although the bullish intensity of the MACD histogram is declining.
The Shiba Inu price action broke above the middle region of the Bollinger Bands but failed to consolidate and as a result, is now once again in the bearish region.
Conclusion
Shiba Inu price analysis for June 2, 2022, ends on a bearish note for the meme coin although $0.000010 currently holds
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