Shiba Inu loses $0.000012: Important levels to note

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for August 10, 2022, comes on a bearish note for the world’s 2nd biggest meme cryptocurrency and we can expect SHIB to make lower lows if the $0.000012 price region is not reclaimed in the near future. In the last 24 hours, we saw the SHIB token fall by almost 5% and the nearest resistance present beyond the $0.000012 price level prevailed. It will interesting to see if the token is capable of retaining its 15th position in the crypto market as the sell off for the token continues.

As noted in our SHIB price analysis for August 9, 2022, there is a strong support for the token towards the $0.000010 price level which hasn’t been broken for a very long time. It is likely that Shiba Inu will retest it.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 68.39% in the last 24 hours, while the market cap of the token has dropped by 5.15% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.07043, while the Market Dominance of the token rests at 0.61%. 

The daily candle for Shiba Inu opened at a price of $0.00001203 and reached a daily high of $0.00001204. Moreover, the daily low for the token stands at a price of $0.00001174. The price of 1 SHIB at the time of writing is $0.00001196.

Shiba Inu price analysis on the daily chart for August 10

Shiba Inu price analysis for August 10, 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 55 which confirms that Shiba Inu bears are taking over.

The MACD line is overlapping with the signal line as histogram turns bearish.

The Shiba Inu price action is retesting the middle zone of the Bollinger Bands, and a breakout into the bearish region seems likely.

Conclusion

Shiba Inu price analysis for August 10, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000010.

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