Shiba Inu drops to the 16th position in the market: Bears take over
Shiba Inu price analysis for June 5, 2022, comes on a sluggish note for the token but it is also important to note that due to a lack of buying volume, the meme coin has now lost the 15th position in the crypto market. Furthermore, it is also important to note that the meme coin has been holding above $0.000010 price support which means that several buying orders are placed below $0.000010. As noted in our SHIB price analysis for June 4, 2022, the meme coin dropped 4% in prices and it seems that another drop is in store for SHIB.
The data from CoinMarketCap shows that the trading volume for SHIB has risen by 0.11% in the last 24 hours, while the market cap of the token has dropped by 1.83% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04388, while the Market Dominance of the token rests at 0.49%.
The daily candle for Shiba Inu opened at a price of $0.00001081 and reached a daily high of $0.00001090. Moreover, the daily low for the token stands at a price of $0.00001056. The price of 1 SHIB at the time of writing is $0.00001079.
Shiba Inu price analysis on the daily chart for June 5
Shiba Inu price analysis for June 5 will take into consideration the data from the indicators integrated into the daily chart below.
Source: TradingView
The RSI indicator reads a value below 37 which means that the selling pressure is gradually taking over as the gradient of the line confirms that sluggish movement will remain.
The MACD indicator shows that the MACD line remains above the signal line but the two are moving closer hinting at the possibility of a bearish divergence.
The Shiba Inu price action is in the bearish region of the Bollinger Bands with significant chances of a bearish divergence.
Conclusion
Shiba Inu price analysis for June 5, 2022, ends on a sluggish note for the meme coin as SHIB continues to retain the $0.000010 price level.
