Shiba Inu underperforms as majority of market turns green

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Shiba Inu price analysis for June 6, 2022, comes on a slightly bullish note for the meme coin with increased chances of losing the $0.000010 price region as the bulls are gradually losing their dominance over the price action of the SHIB token. As noted in our SHIB price analysis for June 5, 2022, the meme coin retained the $0.000010 price region and it can be expected that the SHIB might make an attempt to breach the $0.000012 price level in the coming days. However, looking at the current performance, it can be said that SHIB is not performing as well as other cryptocurrencies.

The data from CoinMarketCap shows that the trading volume for SHIB has risen by 17.63% in the last 24 hours, while the market cap of the token has risen by 2.49% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.03216, while the Market Dominance of the token dropped to 0.48%. 

The daily candle for Shiba Inu opened at a price of $0.00001082 and reached a daily high of $0.00001113. Moreover, the daily low for the token stands at a price of $0.00001078. The price of 1 SHIB at the time of writing is $0.00001110.

Shiba Inu price analysis on the daily chart for June 6

Shiba Inu price analysis for June 6 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 buyers aim to take over the price action but the gradient of the line suggests that price action might remain sluggish.

The MACD indicator shows that the MACD line remains above the signal line and the MACD histogram remains bullish in the short term.

The Shiba Inu price action is in the bearish region of the Bollinger Bands and the narrowing of the indicator confirms that volatility might follow.

Conclusion

Shiba Inu price analysis for June 6, 2022, ends on a slightly bullish note for the meme coin as SHIB might fail to retain $0.000011.

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