Shiba Inu drops below previous support: Expect another major crash?

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for July 2, 2022, comes on a bearish note for the 2nd biggest meme coin in the crypto market as we can confirm that the SHIB token prices dropped by more than 3% in the last 24 hours. Furthermore, we also saw the token break below $0.000010 which was an important support region for the token. Losing this region puts lower prices on the table. As noted in our SHIB price analysis for July 1, 2022, the meme coin aimed to reclaim $0.000010 and it did but failed to hold price action above this region, falling to the $0.000009 price level.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 45.71% in the last 24 hours, while the market cap of the token has dropped by 3.64% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06508, while the Market Dominance of the token dropped to 0.64%. 

The daily candle for Shiba Inu opened at a price of $0.00001003 and reached a daily high of $0.00001009. Moreover, the daily low for the token stands at a price of $0.00000987. The price of 1 SHIB at the time of writing is $0.00000994.

Shiba Inu price analysis on the daily chart for July 2

Shiba Inu price analysis for July 2, 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 48 which hints at the fact that Shiba Inu bulls continue their struggle with the bears in the market.

The MACD indicator shows that the MACD line is very close to the signal line and the intensity of the MACD histogram continues to decrease.

The Shiba Inu price action is retesting the middle region of the Bollinger Bands as bears try to dominate the prices.

Conclusion

Shiba Inu price analysis for July 2, 2022, ends on a bearish note for the SHIB token with very low chances of reclaiming $0.000010. 

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