Shiba Inu fails to retain above $0.000012: What to expect now?

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for August 7, 2022, comes on a bearish note for the world’s 2nd biggest meme coin as it is clear that the SHIB token has lost the $0.000012 price level which it had reclaimed around 24 hours ago. It will be interesting to see what happens next as the bears remain in control of the price action of the token. Additionally, the token performed extremely well in the 2nd half of 2021 but failed to continue that momentum in 2022. As a result, we have seen a drop in trading volume of SHIB.

As noted in our SHIB price analysis for August 6, 2022, the nearest resistance for the meme coin stands at the $0.000012 price level which has failed to hold. The nearest support stands at the $0.000010 price region.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 28.00% in the last 24 hours, while the market cap of the token has dropped by 1.53% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.03741, while the Market Dominance of the token dropped to 0.60%. 

The daily candle for Shiba Inu opened at a price of $0.00001197 and reached a daily high of $0.00001201. Moreover, the daily low for the token stands at a price of $0.00001181. The price of 1 SHIB at the time of writing is $0.00001196.

Shiba Inu price analysis on the daily chart for August 7

Shiba Inu price analysis for August 7, 2022, will take into consideration the data from the indicators integrated into the daily chart below.

Shiba Inu price analysis
Source: TradingView

The RSI indicator reads a value below 57 confirming that the bulls are still dominating the price action of Shiba Inu.

The MACD line is nearly overlapping with the signal line confirming low volume for SHIB.

The Shiba Inu price action is retesting the middle zone of the Bollinger Bands, hinting that lower prices can be seen.

Conclusion

Shiba Inu price analysis for August 7, 2022, ends on a bearish note for the SHIB token with a significant chance of retesting $0.000010.

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