Shiba Inu might drop to nearest support as prices decline by 3%

Shiba Inu price analysis for July 24, 2022, comes on a bearish note for the 2nd biggest meme coin in the crypto market and we can also confirm that the prices have dropped by more than 3% in the last 24 hours. Additionally, it is also important to note that the meme coin has tried holding the price action above the $0.000012 price level for a long time but failed to do so as there was resistance level beyond the $0.000010 price level as well. As of now, the token has dropped below $0.000012 and investors might expect prices to drop to $0.000010.

As noted in our SHIB price analysis for July 23, 2022, there are huge chances of the token Shiba Inu token retesting the $0.000010 price level since the resistance beyond the $0.000012 price level remains strong.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 13.98% in the last 24 hours, while the market cap of the token has dropped by 3.17% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05829, while the Market Dominance of the token dropped to 0.62%. 

The daily candle for Shiba Inu opened at a price of $0.00001159 and reached a daily high of $0.00001174. Moreover, the daily low for the token stands at a price of $0.00001153. The price of 1 SHIB at the time of writing is $0.00001173.

Shiba Inu price analysis on the daily chart for July 24

Shiba Inu price analysis for July 24, 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 57 which confirms that the Shiba Inu price action is still in control of the bulls.

The MACD line is very close to the signal line and a bearish divergence seems very much possible.

The Shiba Inu price action is retesting the middle zone of the Bollinger Bands, which confirms that the sellers are about to take charge.

Conclusion

Shiba Inu price analysis for July 24, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000010 support.