Shiba Inu loses $0.000011 as well: Sell-off continues

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for June 28, 2022, comes on a bearish note for the meme coin and investors can expect the SHIB token to retest the $0.000011 price region but the chances of reclaiming this price level remain low. Furthermore, as noted in our SHIB price analysis for June 27, 2022, the chances of the meme token breaking the $0.000012 price level remain low for this is a region of major resistance. As noted in the SHIB price analysis for June 27, 2022, the meme token has been able to retain its position as the 14th biggest cryptocurrency in the market.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 16.88% in the last 24 hours, while the market cap of the token has dropped by 5.40% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.0838, while the Market Dominance of the token dropped to 0.64%. 

The daily candle for Shiba Inu opened at a price of $0.00001107 and reached a daily high of $0.00001120. Moreover, the daily low for the token stands at a price of $0.00001051. The price of 1 SHIB at the time of writing is $0.00001093.

Shiba Inu price analysis on the daily chart for June 28

Shiba Inu price analysis for June 28, 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 54 which confirms that the overall Shiba Inu price action is dominated by the bulls.

The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram is also bullish.

The Shiba Inu price action is situated in the upper region of the Bollinger Bands which means that buyers are in control of the price action.

Conclusion

Shiba Inu price analysis for June 28, 2022, ends on a bearish note for the SHIB token with low chances of reclaiming $0.000011.

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