Shiba Inu holds $0.000010 as CMC data predicts a huge price surge

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Shiba Inu price analysis for July 06, 2022, comes on a sluggish note for the 2nd biggest meme coin in the crypto space as we can confirm that the bears continue to dominate the price action in the long term but in the shorter run, the bulls are giving it their all to hold above the $0.000010 price level. It is imperative for SHIB to retain prices above this support or a drop towards the lower $0.000009 price region is possible, as per our SHIB price analysis for July 5, 2022.

The data from CMC predicts that the SHIB token will surge by more than 78% by the end of September to reclaim the $0.00001854 price level. This data is aggregated by taking votes from crypto investors. 8392 users voted in the case of Shiba Inu.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 6.58% in the last 24 hours, while the market cap of the token has dropped by 1.95% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.07154, while the Market Dominance of the token rests at 0.63%. 

The daily candle for Shiba Inu opened at a price of $0.00001033 and reached a daily high of $0.00001050. Moreover, the daily low for the token stands at a price of $0.00001016. The price of 1 SHIB at the time of writing is $0.00001043.

Shiba Inu price analysis on the daily chart for July 6

Shiba Inu price analysis for July 6, 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 52 which means that the bears dominate the overall Shiba Inu price action.

The MACD indicator shows that the MACD line is very close to the signal line and the price action remains sluggish.

The Shiba Inu price action is retesting the middle region of the Bollinger Bands and a breakout into the bearish region is probable.

Conclusion

Shiba Inu price analysis for July 6, 2022, ends on a sluggish note as SHIB as it continues to move back and forth between $0.000010 and $0.000009.

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