Shiba Inu price analysis for June 8, 2022, comes on a sluggish note for the meme coin as chances of breaking the $0.000010 price region seem quite low. It is also important to note that SHIB has been bearish for a long time now and is more than 80% lower than its all-time high. As noted in our SHIB price analysis for June 7, 2022, the meme coin has major support at the $0.000010 price region which needs to hold, or else we can expect additional price drops in the near future.
The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 7.22% in the last 24 hours, while the market cap of the token has surged by 0.48% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04875, while the Market Dominance of the token dropped to 0.47%.
The daily candle for Shiba Inu opened at a price of $0.00001072 and reached a daily high of $0.00001092. Moreover, the daily low for the token stands at a price of $0.00001052. The price of 1 SHIB at the time of writing is $0.000010735.
Shiba Inu price analysis on the daily chart for June 8
Shiba Inu price analysis for June 8, 2022, will take into consideration the data from the indicators integrated into the daily chart below.
The RSI indicator reads a value below 38 which means that the selling pressure is still very high for the token.
The MACD indicator shows that the MACD line remains above the signal line and the MACD histogram’s bullish intensity continues to decrease.
The Shiba Inu price action is in the bearish region of the Bollinger Bands and the chances of a bearish breakout are very high.
Conclusion
Shiba Inu price analysis for June 8, 2022, ends on a sluggish note for the meme coin as price action is supported by the $0.000010 price level.
