Shiba Inu eyes higher prices: Is the worst over?

Shiba Inu price analysis for August 12, 2022, comes on a bullish note for the world’s 2nd biggest meme coin as we can see that the token has been holding above the important price resistance present above the $0.000012 price level. It is also imperative to note that the SHIB token aims to retain this price region and turn it into support. However, if such a situation happens, it will be clear that the broarder market would be in an uptrend.

As noted in our SHIB price analysis for August 11, 2022, the nearest support for the Shiba Inu token stands at the $0.000010 price level which has been holding for a very long time. Additionally, we have also seen the SHIB token reclaim the 15th position in the market after dropping to the 16th position.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 4.47% in the last 24 hours, while the market cap of the token has surged by 0.38% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06537, while the Market Dominance of the token rose to 60%. 

The daily candle for Shiba Inu opened at a price of $0.00001232 and reached a daily high of $0.00001250. Moreover, the daily low for the token stands at a price of $0.00001217. The price of 1 SHIB at the time of writing is $0.00001247.

Shiba Inu price analysis on the daily chart for August 12

Shiba Inu price analysis for August 12, 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 61 which confirms that Shiba Inu token is nearing overbought levels.

The MACD line is overlapping with the signal line as the histogram confirms low volume.

The Shiba Inu price action is retesting the upper zone of the Bollinger Bands as demand remains high.

Conclusion

Shiba Inu price analysis for August 12, 2022, ends on a bullish note for the SHIB token with high chances of retaining $0.000012.