Shiba Inu again reclaims a previous support level: The worst is over?

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for July 1, 2022, comes on a sluggish note for the 2nd biggest meme coin in the crypto market but the prices have surged by 0.5% in the last 24 hours and it seems that the bearish trend for the token will continue. In the last 24 hours, the meme coin was able to regain the $0.000010 price level which was earlier lost as per our SHIB price analysis for June 30, 2022. It is important to understand that if SHIB doesn’t retain this price level, investors can expect another price crash in the coming days and hence, are advised to wait before opening a position.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 8.88% in the last 24 hours, while the market cap of the token has surged by 0.21% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1018, while the Market Dominance of the token rests at 0.64%. 

The daily candle for Shiba Inu opened at a price of $0.00001035 and reached a daily high of $0.00001061. Moreover, the daily low for the token stands at a price of $0.00000991. The price of 1 SHIB at the time of writing is $0.00001006.

Shiba Inu price analysis on the daily chart for July 1

Shiba Inu price analysis for July 1, 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 49 which confirms that the bulls haven’t been destroyed and will attempt to once again conquer the market.

The MACD indicator shows that the MACD line is very close to the signal line and it seems that the chances of a bearish divergence are high.

The Shiba Inu price action is retesting the middle region of the Bollinger Bands and it seems that SHIB price action might drop to the bearish region soon.

Conclusion

Shiba Inu price analysis for July 1, 2022, ends on a bearish note for the SHIB token with low chances of retaining $0.000010.

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