Shiba Inu loses its 15th position despite a 5% price surge

Shiba Inu price analysis for July 28, 2022, comes on a bearish note for the world’s 2nd biggest meme coin and investors might see the SHIB token make a move towards the $0.000012 in the near future if the bears remain at the bay. Furthermore, in the last 24 hours, we witnessed a 5% price surge from the SHIB token which is not as good as the price surge seen by Bitcoin, Ether, or Solana. It seems that the meme coin frenzy has died down and the interested in such tokens has decline.

As noted in our SHIB price analysis for July 27, 2022, there is a huge chance that the Shiba Inu token might retest the $0.000012 price region beyond which lies a major resistance to the SHIB price action.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 49.69% in the last 24 hours, while the market cap of the token has surged by 5.43% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.07932, while the Market Dominance of the token rests at 0.60%. 

The daily candle for Shiba Inu opened at a price of $0.00001151 and reached a daily high of $0.00001153. Moreover, the daily low for the token stands at a price of $0.00001136. The price of 1 SHIB at the time of writing is $0.00001140.

Shiba Inu price analysis on the daily chart for July 28

Shiba Inu price analysis for July 28, 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 54 which means that bulls remain in control of the price action of the Shiba Inu token.

The MACD line is very close to the signal line which means that the price action for Shiba Inu might be very sluggish for the near future.

The Shiba Inu price action is retestin the middle zone of the Bollinger Bands with considerable chances of a bullish breakout.

Conclusion

Shiba Inu price analysis for July 28, 2022, ends on a bullish note for the SHIB token with high chances of reclaiming $0.000012.