Shiba Inu loses the 14th position in the market after a major price crash
Shiba Inu price analysis for June 29, 2022, comes on a bearish note for the 2nd biggest meme coin in the crypto space and it seems that investors can expect the meme coin to drop further in the coming days if the sell-off doesn’t stop here. In the last 24 hours, we have seen the meme coin drop 11% in price, and SHIB has now also lost its 14th position in the crypto market and is currently the 15th biggest cryptocurrency in the market. As noted in our SHIB price analysis for June 28, 2022, the meme coin is retested the nearest support at $0.000010 which failed to hold.
The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 3.43% in the last 24 hours, while the market cap of the token has dropped by 11.44% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.09226, while the Market Dominance of the token dropped to 0.59%.
The daily candle for Shiba Inu opened at a price of $0.00000998 and reached a daily high of $0.00001023. Moreover, the daily low for the token stands at a price of $0.00000953. The price of 1 SHIB at the time of writing is $0.00000970.
Shiba Inu price analysis on the daily chart for June 29
Shiba Inu price analysis for June 29, 2022, will take into consideration the data from the indicators integrated into the daily chart below.
Source: TradingView
The RSI indicator reads a value below 47 which confirms that the bears have taken control of the overall Shiba Inu price action from the bulls.
The MACD indicator shows that the MACD line is moving closer to the signal line and a bearish divergence might follow.
The Shiba Inu price action is retesting the middle region of the Bollinger Bands which means that buyers are losing control of the price action.
Conclusion
Shiba Inu price analysis for June 29, 2022, ends on a bearish note for the SHIB token with low chances of reclaiming $0.000010.
