Shiba Inu fails to prevail over resistance: Once again turns bearish
Shiba Inu price analysis for July 21, 2022, comes on a bearish note for the meme coin as we can confirm that the token has dropped by more than 8% in the last 24 hours and investors saw the 2nd biggest meme coin in the crypto market lose the $0.000012 price level beyond which was a major zone of resistance for the meme coin. Since the $0.000012 price region failed to retain as a support level, we can expect a retest of $0.000012 or a retest of the nearest support which is present at $0.000010. A breakout on either side is possible in the coming days.
Furthermore, as noted in our SHIB price analysis for July 20, 2022, the token has retained its position as the 15th biggest cryptocurrency in the crypto market and investors can expect SHIB to drop lower in the coming days.
The data from CoinMarketCap shows that the trading volume for SHIB has surged by 23.16% in the last 24 hours, while the market cap of the token has dropped by 7.36% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1484, while the Market Dominance of the token dropped to 0.63%.
The daily candle for Shiba Inu opened at a price of $0.00001192 and reached a daily high of $0.00001212. Moreover, the daily low for the token stands at a price of $0.00001146. The price of 1 SHIB at the time of writing is $0.00001176.
Shiba Inu price analysis on the daily chart for July 21
Shiba Inu price analysis for July 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 58 which means that the buyers are losing their dominance over the Shiba Inu price action.
The MACD line is very close to the signal line and the intensity of the MACD histogram remains low.
The Shiba Inu price action is situated in the upper zone of the Bollinger Bands which means that the bulls continue their attempts for a trend reversal.
Conclusion
Shiba Inu price analysis for July 21, 2022, ends on a bearish note for the SHIB token as chances of a breakout above $0.000012 are certainly high.
