Shiba Inu price analysis for May 31, 2022, comes on a bearish note for the meme coin as there are increased chances of retesting the $0.000011 price region in the coming days. Furthermore, as noted in our SHIB price analysis for May 30, 2022, the chances of the meme coin breaking the $0.000012 price region were high. However, it seems that there was a lack of buying volume which caused the token to fail in breaking $0.000012. There is a huge resistance to the price action of the meme coin beyond the $0.000013 price region with increased pressure for the bears.
The data from CoinMarketCap shows that the trading volume for SHIB has dropped 40.30% in the last 24 hours, while the market cap of the token has jumped by 1.52% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.03784, while the Market Dominance of the token rests at 0.49%.
The daily candle for Shiba Inu opened at a price of $0.00001218 and reached a daily high of $0.00001233. Moreover, the daily low for the token stands at a price of $0.00001148. The price of 1 SHIB at the time of writing is $0.00001168.
Shiba Inu price analysis on the daily chart for May 31
Shiba Inu price analysis for May 31 will take into consideration the data from the indicators integrated into the daily chart below.
The RSI indicator reads a value below 40 which means that the buyers are in control of the price action and the gradient of the line suggests that lower prices will follow.
The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram remains bullish.
The Shiba Inu price action has broken above the middle region of the Bollinger Bands but failed to consolidate in the same region.
Conclusion
Shiba Inu price analysis for May 31, 2022, ends on a sluggish note for the meme coin with high chances of retesting $0.00001100.
