Shiba Inu price analysis for July 12, 2022, comes on a bearish note for the 2nd biggest meme coin in the crypto space after a price drop of more than 7.4% was witnessed for the meme coin. Furthermore, the SHIB token has once again failed to maintain the price action above the $0.000011 price level and after multiple attemtps of turning it into support, SHIB has dropped to $0.000010 price level. It is important to note that the SHIB token has a major price support around the $0.000010 price level which needs to hold or investors can expect SHIB crash violently.
As noted in our SHIB price analysis for July 11, 2022, there are considerable chances of the Shiba Inu token retaining the 14th position in the crypto market.
The data from CoinMarketCap shows that the trading volume for SHIB has rose by 9.34% in the last 24 hours, while the market cap of the token has dropped by 7.83% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06022, while the Market Dominance of the token dropped 0.64%.
The daily candle for Shiba Inu opened at a price of $0.00001012 and reached a daily high of $0.00001057. Moreover, the daily low for the token stands at a price of $0.00001013. The price of 1 SHIB at the time of writing is $0.00001021.
Shiba Inu price analysis for July 12, 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 48 which means that the bears have gained dominance over the price action.
The MACD line has broken below the signal line which means that a bearish divergence can be confirmed for Shiba Inu.
The Shiba Inu price action is retesting the middle region of the Bollinger Bands and a breakout into the bearish region is possible.
Shiba Inu price analysis for July 12, 2022, ends on a sluggish note as SHIB aims to retest $0.000010 support.
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