Shiba Inu closer to $0.000010: Buy now or wait for lower prices?

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Shiba Inu price analysis for July 25, 2022, comes on a bearish note for the SHIB token as we can confirm that the chances of making higher highs remain low and investors can expect the meme coin to drop to the $0.000010 price region. In the last 24 hours, we saw SHIB drop by almost 3.7% and it seems that further low prices are possible as well. If the bears remain in control of the price action of the token, SHIB might not be able to break into an uptrend and confirm a trend reversal and a huge buying pressure is needed to break the resistance beyond the $0.000012 price zone.

As noted in our SHIB price analysis for July 24, 2022, the nearest support for the meme coin rests at the $0.000010 price level which needs to hold or else, SHIB might lose it’s 15th position in the crypto space.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 15.32% in the last 24 hours, while the market cap of the token has dropped by 3.88% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05205, while the Market Dominance of the token rests at 0.62%. 

The daily candle for Shiba Inu opened at a price of $0.00001159 and reached a daily high of $0.00001165. Moreover, the daily low for the token stands at a price of $0.00001112. The price of 1 SHIB at the time of writing is $0.00001135.

Shiba Inu price analysis on the daily chart for July 25

Shiba Inu price analysis for July 25, 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 53 which confirms that the Shiba Inu price action is gradually falling into the hands of the bears.

The MACD line is very close to the signal line and a bearish divergence is highly likely.

The Shiba Inu price action is retesting the middle zone of the Bollinger Bands, confirming the lack of demand for the SHIB token.

Conclusion

Shiba Inu price analysis for July 25, 2022, ends on a bearish note for the SHIB token with low chances of reclaiming the $0.000012 price level.

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