Shiba Inu remains sluggish after a huge crash: Is the worst over?

Shiba Inu price analysis for June 14, 2022, comes on a bearish note for the token with high chances of losing the $0.000008 price region in the next few hours. However, it is still unclear if the bulls are strong enough to retain this price region and aim higher. As noted in our SHIB price analysis for June 13, 2022, the meme coin dropped significantly and it seems that the downtrend for the token will prevail as well.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 2.39% in the last 24 hours, while the market cap of the token has surged by 1.67% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1342, while the Market Dominance of the token rose to 0.47%. 

The daily candle for Shiba Inu opened at a price of $0.00000806 and reached a daily high of $0.00000855. Moreover, the daily low for the token stands at a price of $0.00000750. The price of 1 SHIB at the time of writing is $0.00000815.

Shiba Inu price analysis on the daily chart for June 14

Shiba Inu price analysis for June 14, 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 30 which confirms that SHIB is currently being oversold and it seems that lower prices can be seen.

The MACD indicator shows that the MACD line is now situated below the signal line and bearish divergence can be confirmed.

The Shiba Inu price action broke out from the lower end of the Bollinger Bands after weeks of back and forth movement.

Conclusion