Shiba Inu loses $0.000008: Bears continue to dominate

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Shiba Inu price analysis for June 15, 2022, comes on a bearish note for BTC as there are increased chances of the token seeing lower prices in the coming days. It is important to note that the token aimed to hold price action above the $0.000008 region but failed to do so owing to the huge surge in selling pressure in the last 24 hours. Furthermore, as noted in our SHIB price analysis for June 14, 2022, there are increased chances of SHIB losing the $0.000007 price region as well.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 37.82% in the last 24 hours, while the market cap of the token has dropped by 3.97% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.09015, while the Market Dominance of the token rose to 0.49%. 

The daily candle for Shiba Inu opened at a price of $0.00000819 and reached a daily high of $0.00000835. Moreover, the daily low for the token stands at a price of $0.00000760. The price of 1 SHIB at the time of writing is $0.00000787.

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Shiba Inu price analysis on the daily chart for June 15

Shiba Inu price analysis for June 15, 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 26 which confirms that SHIB is currently being oversold and the gradient of the line confirms that lower prices will follow.

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram has turned bearish as well.

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The Shiba Inu price action broke out from the lower end of the Bollinger Bands and is currently situated in the bearish zone of the Bands.

Conclusion

Shiba Inu price analysis for June 15, 2022, ends on a bearish note for the SHIB token with low chances of reclaiming the $0.000008 price region.

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