Shiba Inu drops nearly 3% as broader market remains bearish

Shiba Inu price analysis for August 3, 2022, comes on a bearish note for the meme coin as we can confirm that the prices have dropped by more than 2.7% in the last 24 hours and additional price drops are also expected in the near future. Furthermore, it is also important to note that SHIB has been able to retain the price action above the $0.000011 price level which is quite interesting. However, the nearest support for the token stands at $0.000010 which is an area of major support and has been holding for a very long time.

Also, as noted in our SHIB price analysis for August 2, 2022, the Shiba Inu token has a major resistance beyond the $0.000012 price level which it hasn’t been able to breach on a number of occassions.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 34.75% in the last 24 hours, while the market cap of the token has dropped by 2.71% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06275, while the Market Dominance of the token rests at 0.61%. 

The daily candle for Shiba Inu opened at a price of $0.00001174 and reached a daily high of $0.00001180. Moreover, the daily low for the token stands at a price of $0.00001160. The price of 1 SHIB at the time of writing is $0.00001164.

Shiba Inu price analysis on the daily chart for August 3

Shiba Inu price analysis for August 3, 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 54 which means that bears are almost in control of the price action of Shiba Inu.

The MACD line is nearly overlapping with the signal line as a bearish divergence is expected.

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

Conclusion

Shiba Inu price analysis for August 3, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000010.