Shiba Inu drops significantly, loses 15th position in the market

Shiba Inu price analysis for July 26, 2022, comes on a bearish note for the 2nd biggest meme coin in the crypto market as we can confirm that the prices have dropped by nearly 7.39% in the last 24 hours and investors can expect additional price drops in the near future if resistances are not broken and supports are not held. The nearest resistance for the token lies beyond the $0.000012 price region which SHIB did break above but lost over the weekend.

As noted in our SHIB price analysis for July 25, 2022, the Shiba Inu token dropped to the $0.000011 price region after losing $0.000012 price level and is now retest its support at the $0.000010 price level.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 18.31% in the last 24 hours, while the market cap of the token has dropped by 7.66% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06707, while the Market Dominance of the token dropped to 0.59%. 

The daily candle for Shiba Inu opened at a price of $0.00001071 and reached a daily high of $0.00001071. Moreover, the daily low for the token stands at a price of $0.00001029. The price of 1 SHIB at the time of writing is $0.00001047.

Shiba Inu price analysis on the daily chart for July 26

Shiba Inu price analysis for July 26, 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 45 confirming that the selling pressure is very high in the crypto market.

The MACD line is very close to the signal line and a bearish divergence is almost complete for Shiba Inu.

The Shiba Inu price action has dropped to the bearish zone of the Bollinger Bands, as sellers remain in control.

Conclusion

Shiba Inu price analysis for July 26, 2022, ends on a bearish note for the SHIB token with low chances of reclaiming the $0.000011 price level.