Shiba Inu moves back-and-forth but prices hold above $0.000012

Shiba Inu price analysis for June 1, 2022, ends on a sluggish note for the meme coin as it holds price action above $0.000011.
Shiba Inu price analysis for June 1, 2022, ends on a sluggish note for the meme coin as it holds price action above $0.000011.

Shiba Inu price analysis for June 1, 2022, comes on a sluggish note for the meme coin as we have seen a gradual decline in the buying pressure for the token. Furthermore, we can expect SHIB buyers to experience increased volatility in the coming days as the buyers continue to push for higher prices but the sellers are currently in control. On the other hand, as noted in our SHIB price analysis for May 31, 2022, the meme coin has a major resistance beyond the $0.000012 price level which is a major cause for the bearish movement we are witnessing.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped 35.28% in the last 24 hours, while the market cap of the token has dropped by 0.93% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06025, while the Market Dominance of the token rose to 0.50%. 

The daily candle for Shiba Inu opened at a price of $0.00001174 and reached a daily high of $0.00001192. Moreover, the daily low for the token stands at a price of $0.00001150. The price of 1 SHIB at the time of writing is $0.00001177.

Shiba Inu price analysis on the daily chart for June 1

Shiba Inu price analysis for June 1 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 40 which means that the bears are pushing for lower prices while the gradient of the line suggests sluggish movement for the token.

The MACD indicator shows that the MACD line remains above the signal line while the MACD histogram is bullishly filled with green bars.

The Shiba Inu price action has broken above the middle region of the Bollinger Bands but it is currently retesting the middle zone indicating that lower prices are possible.

Conclusion

Shiba Inu price analysis for June 1, 2022, ends on a sluggish note for the meme coin as it holds price action above $0.000011.

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