Shiba Inu fails to reclaim $0.000011: What to expect?
Shiba Inu price analysis for May 29, 2022, comes on a bearish note for the token with low chances of breaking the $0.000011 price region in the near future. It seems that there is a significant drop in the buying pressure which has caused the price action to fail to break out of the $0.000011 price region. As noted in our SHIB price analysis for May 28, 2022, the meme coin has major support below the $0.000010 price level which needs to hold before the bulls make another attempt to breach $0.000011. There is a major resistance beyond the $0.000012 price level.
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 $0.00001078 and reached a daily high of $0.00001081. Moreover, the daily low for the token stands at a price of $0.00001055. The price of 1 SHIB at the time of writing is $0.00001061.
Shiba Inu price analysis on the daily chart for May 29
Shiba Inu price analysis for May 29 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 buyers need to increase their pressure to push bears out of the price action of Shiba Inu.
The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram remains green.
The Shiba Inu price action is situated in the bearish zone of the Bollinger Bands and there are considerable chances of a bearish breakout.
Conclusion
Shiba Inu price analysis for May 29, 2022, ends on a sluggish note for the meme coin with low chances of reclaiming $0.000011.
