Shiba Inu investors need to prepare themselves for a bumpy ride ahead
Shiba Inu price analysis for June 10, 2022, comes on a bearish note for the SHIB meme token as we have seen the token drop more than 3% in the last 24 hours. Additionally, a price drop can be expected from the token in the near future. Furthermore, as noted in our SHIB price analysis for June 9, 2022, the token has a major price support level near the $0.010 price region. Interestingly, we can also see that there is a major resistance zone near the $0.000012 which the token failed to break through on multiple fronts.
The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 37.08% in the last 24 hours, while the market cap of the token has dropped by 2.95% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04097, while the Market Dominance of the token rests at 0.47%.
The daily candle for Shiba Inu opened at a price of $0.00001058 and reached a daily high of $0.00001066. Moreover, the daily low for the token stands at a price of $0.00001000. The price of 1 SHIB at the time of writing is $0.00001007.
Shiba Inu price analysis on the daily chart for June 10
Shiba Inu price analysis for June 10, 2022, will take into consideration the data from the indicators integrated into the daily chart below.
Source: TradingView
The RSI indicator reads a value below 34 which means that the bears are dominating the price action and the gradient of the line suggests that lower prices are possible.
The MACD indicator shows that the MACD line remains above the signal line although the two lines are now moving closer and bearish divergence is possible.
The Shiba Inu price action is situated in the bearish region of the Bollinger Bands which suggests that a bearish breakout can be seen.
Conclusion
Shiba Inu price analysis for June 10, 2022, ends on a slightly bearish for the meme coin as the token holds above the $0.000010 price level.
