Shiba Inu marks a 12% gain outperforming rival coins

Shiba Inu price analysis for August 14, 2022, comes on a bullish note for the world’s 2nd biggest meme coin which confirms that the chances of the token breaking into an uptrend remain very high and investors can expect SHIB to retest the $0.000015 price level in the near future. The prices of SHIB surged by almost 12% in the last 24 hours which confirms that the meme coin has outperformed the broarder crypto market and the chances of breaking into the $0.000015 price level remains high.

Additionally, the SHIB price analysis for August 13, 2022, confirmed that the meme coin has a major support at the $0.000010 price level while another support can be expect to be formed at $0.000012 price level which was a previous resistance for the meme coin.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 90.07% in the last 24 hours, while the market cap of the token has surged by 12% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.08981, while the Market Dominance of the token rose to 0.68%. 

The daily candle for Shiba Inu opened at a price of $0.00001264 and reached a daily high of $0.00001477. Moreover, the daily low for the token stands at a price of $0.00001260. The price of 1 SHIB at the time of writing is $0.00001453.

Shiba Inu price analysis on the daily chart for August 14

Shiba Inu price analysis for August 14, 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 76 which confirms that Shiba Inu token is being overbought in the crypto market.

The MACD line is overlapping with the signal line and the intensity of the histogram increases.

The Shiba Inu price action has broken out of the upper end of the Bollinger Bands confirming a bullish breakout.

Conclusion

Shiba Inu price analysis for August 14, 2022, ends on a bullish note for the SHIB token with high chances of breaking into $0.000015.