Shiba Inu forms its 4th bullish candle as demand soars

Shiba Inu price analysis for July 29, 2022, comes on a bullish note for the 2nd biggest meme coin in the crypto space as we can confirm that higher prices might be seen for the token in the near future. Furthermore, the prices for the meme coin jumped by more than 7% in the last 24 hours and we can expect SHIB to break into an uptrend in the near future as well. Moreover, the nearest resistance for the token stood at the $0.000012 which has been reclaimed once again.

As noted in our SHIB price analysis for July 28, 2022, there is a considerable support for the token’s price action at the $0.000010 price region which has retained for a long time and investors might see the meme coin confirm higher highs in the coming days.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 49.69% in the last 24 hours, while the market cap of the token has surged by 5.43% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.07932, while the Market Dominance of the token rests at 0.60%. 

The daily candle for Shiba Inu opened at a price of $0.00001151 and reached a daily high of $0.00001153. Moreover, the daily low for the token stands at a price of $0.00001136. The price of 1 SHIB at the time of writing is $0.00001140.

Shiba Inu price analysis on the daily chart for July 29

Shiba Inu price analysis for July 29, 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 60 which means that the buying demand for the meme coin remains high.

The MACD line is very close to the signal line which means that in order to break into an uptrend, Shiba Inu needs additional buyers’ support.

The Shiba Inu price action is retestin the upper zone of the Bollinger Bands with considerable chances of a bullish breakout.

Conclusion

Shiba Inu price analysis for July 29, 2022, ends on a bullish note for the SHIB token with high chances of breaking $0.000013.