Shiba Inu jumps 8%: Bulls aim for $0.000013 price region

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Shiba Inu price analysis for May 23, 2022, comes on a bearish note for the meme coin with increased chances of breaking the $0.000013 price region which has been acting as a small resistance for the token. The token has a good deal of buyers’ support at the $0.000011 price region which means that the chances of the token breaking higher seem considerable until this support region holds. As per our SHIB price analysis for May 14, 2022, the meme coin lost the $0.000012 price region following increased pressure from sellers. At the time of writing, the token is more than 80% low than the all-time high.

The data from CoinMarketCap shows that the trading volume for SHIB has surged 77.05% in the last 24 hours, while the market cap of the token has surged by 8.61% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.0682, while the Market Dominance of the token dropped to 0.54%. 

The daily candle for Shiba Inu opened at a price of $0.00001190 and reached a daily high of $0.00001297. Moreover, the daily low for the token stands at a price of $0.00001180. The price of 1 SHIB at the time of writing is $0.00001270.

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Shiba Inu price analysis on the daily chart for May 23

Shiba Inu price analysis for May 23 will take into consideration the data from the indicators integrated into the daily chart below.

Shiba Inu price analysis

Source: TradingView

The RSI indicator reads a value below 39 which means that the bears are gradually being pushed out of the market as lower prices might follow.

The MACD indicator shows that the MACD line has broken above the signal line confirming a bullish divergence.

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The SHIB price action is situated in the bearish zone of the Bollinger Bands, but a retest of the middle zone seems likely to happen. 

Conclusion

Shiba Inu price analysis for May 23, 2022, ends on a bullish note for the token with considerable chances of breaking above $0.000013.

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