Shiba Inu loses $0.000011: Another crash possible
Shiba Inu price analysis for June 7, 2022, comes on a bearish note for the meme coin with increased chances of losing the $0.000010 price support if the bulls don’t take over the price action soon. As noted in our SHIB price analysis for June 6, 2022, the token has a major support region at $0.000010 which needs to hold. In the last 24 hours, the prices have dropped by more than 4% after SHIB lost the $0.000011 price region. It can be expected that SHIB might fall further in the coming days if bears continue to dominate the price action.
The data from CoinMarketCap shows that the trading volume for SHIB has risen by 82.37% in the last 24 hours, while the market cap of the token has dropped by 4.73% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06162, while the Market Dominance of the token rests at 0.48%.
The daily candle for Shiba Inu opened at a price of $0.00001106 and reached a daily high of $0.00001106. Moreover, the daily low for the token stands at a price of $0.00001020. The price of 1 SHIB at the time of writing is $0.00001055.
Shiba Inu price analysis on the daily chart for June 7
Shiba Inu price analysis for June 7 will take into consideration the data from the indicators integrated into the daily chart below.
Source: TradingView
The RSI indicator reads a value below 37 which means that the sellers are currently in control while the gradient of the line suggests that lower prices are possible.
The MACD indicator shows that the MACD line remains above the signal line but the two are now coming closer indicating that a bearish divergence might follow.
The Shiba Inu price action is in the bearish region of the Bollinger Bands and a bearish breakout might follow.
Conclusion
Shiba Inu price analysis for June 7, 2022, ends on a bearish note for the meme coin as SHIB might fall below $0.000010.
