Will Shiba Inu retain $0.000011? Indicators to watch out for

Shiba Inu price analysis for June 3, 2022, ends on a sluggish note for the meme coin as chances of holding above $0.000011 are slim.
Shiba Inu price analysis for June 3, 2022, ends on a sluggish note for the meme coin as chances of holding above $0.000011 are slim.

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Shiba Inu price analysis for June 3, 2022, comes on a bearish note for the meme coin as the chances of the token breaking the $0.000012 price region remain low for now. On the other hand, there is a huge resistance to the price action of the token beyond $0.000012 which won’t hold if the bears continue to dominate. As noted in our SHIB price analysis for June 2, 2022, the meme coin has major support below the $0.000010 price level which needs to hold to confirm higher prices in the near future.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 38.28% in the last 24 hours, while the market cap of the token has surged by 1.87% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04323, while the Market Dominance of the token rests at 0.49%. 

The daily candle for Shiba Inu opened at a price of $0.00001121 and reached a daily high of $0.00001125. Moreover, the daily low for the token stands at a price of $0.00001103. The price of 1 SHIB at the time of writing is $0.00001110.

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Shiba Inu price analysis on the daily chart for June 3

Shiba Inu price analysis for June 3 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 38 which means that the bears are currently in control of the price action while the gradient of the line shows that Shiba Inu is sluggish.

The MACD indicator shows that the MACD line remains above the signal line although the chances of the MACD histogram turning bearish are increasing.

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The Shiba Inu price action aims to break above the middle region of the Bollinger Bands but it seems that the situation will remain sluggish.

Conclusion

Shiba Inu price analysis for June 3, 2022, ends on a sluggish note for the meme coin as chances of holding above $0.000011 are slim.

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