Shiba Inu bulls trying their best to retain price action above $0.000010

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for July 7, 2022, comes on a bearish note for the meme coin as it continues to retain its position among the top 15 cryptos in the market. The 2nd biggest meme coin in the crypto space has seen quite a huge growth in 2021. However, it seems that a similar movement in 2022 won’t be witnessed as the crypto winter has set in and there are chances that we might see all the cryptocurrencies drop further in prices.

As noted in our Shiba Inu price analysis for July 6, 2022, there are considerable chances of the SHIB token making higher highs in the coming days only if the $0.000010 price region is retained as support and investors continue to aim for the $0.000013 price level. However, buying volume in the market remains quite low.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 27.62% in the last 24 hours, while the market cap of the token has risen by 0.77% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05126, while the Market Dominance of the token rests at 0.63%. 

The daily candle for Shiba Inu opened at a price of $0.00001046 and reached a daily high of $0.00001065. Moreover, the daily low for the token stands at a price of $0.00001043. The price of 1 SHIB at the time of writing is $0.00001051.

Shiba Inu price analysis on the daily chart for July 7

Shiba Inu price analysis for July 7, 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 52 which means that the bulls have taken control.

The MACD indicator shows that the MACD line is very close to the signal line, i.e., a bearish divergence is possible.

The Shiba Inu price action is retesting the middle region of the Bollinger Bands and a breakout into the bearish region is probable.

Conclusion

Shiba Inu price analysis for July 7, 2022, ends on a sluggish note as SHIB as it continues to fight to turn $0.000010 into support.

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