Shiba Inu loses $0.000013 after a 9% sell-off: What to expect?

Shiba Inu price analysis for August 27, 2022, comes on a bearish note for the world’s 2nd biggest meme coin as it is clear that the meme coin has dropped by almost 9% in the last 24 hours and investors might need to hold on to their coins before we witness further lower prices. Interestingly, there has been a significant price uptrend in the last few days as SHIB continued to hold above the $0.000013 price region. Moreover, the nearest resistance for the SHIB token stands at the $0.000018 price level which failed to retain as support

The SHIB price analysis for August 26, 2022, comes on a bearish note for the SHIB token with increased chances of the world’s 2nd biggest meme coin Shiba Inu retesting the $0.000010 price region, the nearest support. The SHIB token has also lost the 12th position in the crypto market.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 16.72% in the last 24 hours, while the market cap of the token has surged by 8.85% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1192, while the Market Dominance of the token rests at 0.71%. 

The daily candle for Shiba Inu opened at a price of $0.00001244 and reached a daily high of $0.00001259. Moreover, the daily low for the token stands at a price of $0.00001234. The price of 1 SHIB at the time of writing is $0.00001252.

Shiba Inu price analysis on the daily chart for August 27

Shiba Inu price analysis for August 27, 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 confirms that the Shiba Inu price action is now being dominated by the bears.

The MACD line is below the signal line and the histogram’s bearish intensity is increasing.

The Shiba Inu price action has dropped to the bearish zone of the Bollinger Bands.

Conclusion

Shiba Inu price analysis for August 27, 2022, ends on a bearish note for the SHIB token with increased chances of retesting $0.000010.