Shiba Inu forms 3rd consecutive bullish candles after a long time

Shiba Inu price analysis for August 9, 2022, comes on a bullish note for the 2nd biggest meme coin in the crypto space as we can confirm that the meme coin has turned bullish and prices have surged by 2.03% in the last 24 hours and the market dominance for the token also jumped a little. Additionally, the nearest resistance for the meme coin stands towards the $0.000013 and it seems that a retest of the same is very likely to happen in the near future. If it is broken and turned into support, an uptrend is possible.

As noted in our SHIB price analysis for August 8, 2022, Shiba Inu token has major support towards the $0.000010 price level which has been holding for a very long time and SHIB might retest this region if trading volume declines.

The data from CoinMarketCap shows that the trading volume for SHIB has surge by 340.78% in the last 24 hours, while the market cap of the token has surge by 2.00% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.2097, while the Market Dominance of the token rose to 0.61%. 

The daily candle for Shiba Inu opened at a price of $0.00001232 and reached a daily high of $0.00001285. 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 $0.00001263.

Shiba Inu price analysis on the daily chart for August 9

Shiba Inu price analysis for August 9, 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 64 which confirms that Shiba Inu bulls are in control.

The MACD line is overlapping with the signal line but the histogram remains bullish.

The Shiba Inu price action is retesting the upper zone of the Bollinger Bands, as a bullish outbreak can be witnessed.

Conclusion

Shiba Inu price analysis for August 9, 2022, ends on a bullish note for the SHIB token with considerable chances of retesting $0.0000101.