Shiba Inu drops to the previous resistance level: What to expect?

Shiba Inu price analysis for August 21, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as the chances of making higher highs in the coming days are not evry high. It is also important to note that there is a strong support for the SHIIB meme coin at the $0.000010 price level which has been holding for a very long time. Moreover, it is also crucial to note that there was a significant resistance for the meme coin at the $0.000013 price level which is now being retesting as the support zone.

As noted in our SHIB price analysis for August 20, 2022, the token has been holding prices above the $0.000013 price level while the token has been retaining its position as the 12th biggest token in the crypto space.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 40.88% in the last 24 hours, while the market cap of the token has rose by 0.86% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.08032, while the Market Dominance of the token dropped to 0.71%. 

The daily candle for Shiba Inu opened at a price of $0.00001288 and reached a daily high of $0.00001333. Moreover, the daily low for the token stands at a price of $0.00001218. The price of 1 SHIB at the time of writing is $0.00001327.

Shiba Inu price analysis on the daily chart for August 21

Shiba Inu price analysis for August 21, 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 53 which confirms that the Shiba Inu token is still being dominated by the bulls overall.

The MACD line has gone below the signal line and the MACD histogram has now turned red.

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

Conclusion

Shiba Inu price analysis for August 21, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000010.