Shiba Inu on the verge of losing $0.000010: Key indicators to watch

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for June 11, 2022, comes on a bearish note for the meme coin which has seen a major price drop in the last 24 hours. Furthermore, as noted in our DOGE price analysis for June 11, 2022, Dogecoin has been outperforming SHIB by retaining the 10th position in the crypto market while SHIB has lost the 15th position in the crypto market and is currently the 16th biggest cryptocurrency in the space. The two rival meme coins are often compared to each other due to their doge meme-based nature.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 15.99% in the last 24 hours, while the market cap of the token has dropped by 3.16% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04112, while the Market Dominance of the token rests at 0.47%. 

The daily candle for Shiba Inu opened at a price of $0.00001014 and reached a daily high of $0.00001036. Moreover, the daily low for the token stands at a price of $0.00001010. The price of 1 SHIB at the time of writing is $0.00001029.

Shiba Inu price analysis on the daily chart for June 11

Shiba Inu price analysis for June 11, 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 36 which means that the selling pressure is quite high for the SHIB token and the gradient of the line suggests that lower prices are possible.

The MACD indicator shows that the MACD line remains above the signal line while the two lines are moving closer, hinting at a bearish divergence.

The Shiba Inu price action is situated in the bearish region of the Bollinger Bands and a bearish breakout can be witnessed in the near future.

Conclusion

Shiba Inu price analysis for June 11, 2022, comes on a bearish note for the meme coin with low chances of retaining $0.000010.

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