Shiba Inu drops almost 7% after losing gains made this month

Cryptocurrency Price analysis and Prediction

August 18, 2022

Cryptocurrency Price analysis and Prediction

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Shiba Inu price analysis for August 18, 2022, comes on a bearish note for the world’s 2nd biggest meme coin as it is clear that the prices have dropped by almost 7% in the last 24 hours and investors can expect additional price drops as well. Furthermore, SHIB has a major price support at the $0.000010 which successfully held for a long time and then, the meme coin surged past the nearest resistance at the $0.000012 price level. Interestingly, since then, the meme coin has been performing quite well.

Also, as noted in our SHIB price analysis for August 16, 2022, the world’s 2nd biggest cryptocurrency might aim for higher prices as well with considerable chances of another price jump in the near future.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 21.94% in the last 24 hours, while the market cap of the token has dropped by 5.94% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1057, while the Market Dominance of the token dropped to 0.73%.

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The daily candle for Shiba Inu opened at a price of $0.00001479 and reached a daily high of $0.00001499. Moreover, the daily low for the token stands at a price of $0.00001470. The price of 1 SHIB at the time of writing is $0.00001477.