Shiba Inu price analysis for June 16, 2022, comes on a bearish note for the token with increased chances of losing the $0.000008 price region in the near future if the bulls don’t take over the price action completely. Furthermore, it is also important to note that the meme coin needs to make higher highs in order to remain bullish in the short term. As noted in our SHIB price analysis for June 15, 2022, the meme coin has a major resistance beyond the $0.000010 price region.
The data from CoinMarketCap shows that the trading volume for SHIB has risen by 15.22% in the last 24 hours, while the market cap of the token has risen by 3.20% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1008, while the Market Dominance of the token rose to 0.50%.Â
The daily candle for Shiba Inu opened at a price of $0.00000883 and reached a daily high of $0.00000896. Moreover, the daily low for the token stands at a price of $0.00000801. The price of 1 SHIB at the time of writing is $0.00000824.
Shiba Inu price analysis on the daily chart for June 16
Shiba Inu price analysis for June 16, 2022, will take into consideration the data from the indicators integrated into the daily chart below.
The RSI indicator reads a value below 31 which confirms that SHIB might try to break the $0.000010 price region in the near future. The gradient of the line suggests that lower prices are possible.
The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram suggests that sluggish movement is possible.
The Shiba Inu price action broke out from the lower end of the Bollinger Bands and at the time of writing, SHIB is situated in the bearish region.
Conclusion
Shiba Inu price analysis for June 16, 2022, ends on a bearish note for the SHIB token with low chances of reclaiming the $0.000008 price region.
🔥JOIN THECONRISE.COM'S MONTHLY $1000 GIVEAWAY AND FEEL VALUED AS A READER! DON'T MISS OUT! 🔥
