Shiba Inu breaks above $0.000012 as buyers take charge

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for August 5, 2022, comes on a slightly bullish note for the world’s 2nd biggest meme coin as we can expect SHIB to retain the price action above the $0.000012 price level which is an area of resistance for the meme coin. SHIB has tried to breach the $0.000012 and retain prices above it but failed to do so due to the market trying remaining bearish overall. Investors are losing faith on meme coin as SHIB was earlier pushed out of the top 15 cryptocurrencies by market.

As noted in our SHIB price analysis for August 4, 2022, the Shiba Inu token has a strong support at the $0.000010 price region which has been holding for a very long time. If SHIB turns bearish, this is the key region we have to look for.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 0.28% in the last 24 hours, while the market cap of the token has surged by 0.84% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04681, while the Market Dominance of the token rests at 0.61%. 

The daily candle for Shiba Inu opened at a price of $0.00001184 and reached a daily high of $0.00001214. Moreover, the daily low for the token stands at a price of $0.00001178. The price of 1 SHIB at the time of writing is $0.00001213.

Shiba Inu price analysis on the daily chart for August 5

Shiba Inu price analysis for August 5, 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 59 confirming that the bulls are in control of the price action of Shiba Inu.

The MACD line is nearly overlapping with the signal line confirming sluggish movement for SHIB.

The Shiba Inu price action is retesting the middle zone of the Bollinger Bands, hinting at higher prices.

Conclusion

Shiba Inu price analysis for August 5, 2022, ends on a slightly bearish note for the SHIB token with high chances of losing $0.000012.

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