Shiba Inu down 2% this week but retains 12th position

Shiba Inu price analysis for August 24, 2022, comes on a bearish note for the world’s 2nd biggest meme coin as the chances of making higher highs are possible but a surge in buying volume is needed for the same. In the last 24 hours, the SHIB token surged by 0.93% which suggests that SHIB might continue to retain prices above the $0.000010 price level. Additionally, the nearest support for the meme coin stands at the $0.000013 price level while another major support is at $0.000010 as described above. SHIB investors need to look out for these price levels.

As noted in our SHIB price analysis for August 23, 2022, the Shiba Inu token has a resistance toward the $0.000015 price level which it failed to retain and it seems that lower prices might follow in the near future.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 13.37% in the last 24 hours, while the market cap of the token has surged by 1.38% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05544, while the Market Dominance of the token rests to 0.71%. 

The daily candle for Shiba Inu opened at a price of $0.00001333 and reached a daily high of $0.00001357. Moreover, the daily low for the token stands at a price of $0.00001301. The price of 1 SHIB at the time of writing is $0.00001315.

Shiba Inu price analysis on the daily chart for August 24

Shiba Inu price analysis for August 24, 2022, will take into consideration the data from the indicators integrated into the daily chart below.

Source: TradingView

The RSI indicator reads a value below 52 which confirms that the Shiba Inu price action is being dominated by the bullish.

The MACD line is below the signal line and the MACD histogram is also bearish.

The Shiba Inu price action is currently retesting the middle zone of the Bollinger Bands.

Conclusion

Shiba Inu price analysis for August 24, 2022, ends on an optimistic note for SHIB as investors can expect it to hold above $0.000013.