Shiba Inu jumps almost 2% but remains out of top 15

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for August 4, 2022, comes on a bullish note for the world’s 2nd biggest meme coin as we can confirm that the prices have surged by almost 2% in the last 24 hours as the SHIB token was able to retain price action above $0.000011. It seems that if similar situation follows, SHIB might break above the $0.000012 price level in the near future which is an area of resistance for the meme coin. However, the SHIB token has failed reclaim position in the top 15 cryptocurrencies by market cap.

As noted in our SHIB price analysis for August 4, 2022, there is a strong support for the Shiba Inu meme coin at the $0.000010 price region and investors can expect it to hold here or another crash in the near future can be expected.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 20.84% in the last 24 hours, while the market cap of the token has surged by 1.43% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04812, while the Market Dominance of the token rests at 0.61%. 

The daily candle for Shiba Inu opened at a price of $0.00001183 and reached a daily high of $0.00001191. Moreover, the daily low for the token stands at a price of $0.00001180. The price of 1 SHIB at the time of writing is $0.00001187.

Shiba Inu price analysis on the daily chart for August 4

Shiba Inu price analysis for August 4, 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 56 confirming that the bulls are now fighting back for the control of Shiba Inu.

The MACD line is nearly overlapping with the signal line that means sluggish movement.

The Shiba Inu price action is retesting the middle zone of the Bollinger Bands.

Conclusion

Shiba Inu price analysis for August 4, 2022, ends on a bullish note for the SHIB token with high chances of breaking $0.000012.

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