Shiba Inu jumps to 14th position in the market after reclaiming $0.000010

Shiba Inu price analysis
Source: TradingView

The Shiba Inu price analysis for June 22, 2022, comes on a bearish note for the token as we have seen the prices drop by nearly 5% in the last 24 hours. Furthermore, as noted in the SHIB price analysis for June 21, 2022, the chances of the meme coin breaking into the $0.000011 price level are quite considerable. Furthermore, in the last 24 hours, we saw the token retain the 16th position in the market and as the bulls took over, the meme coin reclaimed the $0.000010 price region and was able to reclaim the 14th position in the crypto market.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 91.52% in the last 24 hours, while the market cap of the token has dropped by 3.98% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.3057, while the Market Dominance of the token rose to 0.61%. 

The daily candle for Shiba Inu opened at a price of $0.00001065 and reached a daily high of $0.00001084. Moreover, the daily low for the token stands at a price of $0.00000927. The price of 1 SHIB at the time of writing is $0.00001010.

Shiba Inu price analysis on the daily chart for June 22

Shiba Inu price analysis for June 22, 2022, 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 50 which means that the bulls’ and the bears’ power match and the gradient of the line indicates that lower prices can be seen.

The MACD indicator shows that the MACD line is moving away from the signal line after a bullish divergence on the daily chart.

The Shiba Inu price action has broken into the bullish zone of the Bollinger Bands as bulls have taken over.

Conclusion

Shiba Inu price analysis for June 22, 2022, ends on a slightly bullish note for the SHIB token with high chances of testing $0.000011.

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