Shiba Inu outperforms DOGE, reclaims 15th position in market

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Shiba Inu price analysis for August 2, 2022, comes on a slightly bullish note for the world’s 2nd biggest meme coin as it has successfully reclaimed the 15th position in the crypto market after a 1.5% surge in the prices in the last 24 hours. This means that we can expect the meme coin to retain this position in the short term. Moreover, in the same duration, we also saw SHIB try to break through the nearest resistance present at the $0.000012 price region which current retains despite the small price surge noted by TheCoinRise.

As noted in our SHIB price analysis for August 2, 2022, the Shiba Inu token has a strong support at the $0.000010 price level which might be retested if the SHIB token fails to break above the $0.000012 price level in the short term.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 46.68% in the last 24 hours, while the market cap of the token has rose by 1.98% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.09334, while the Market Dominance of the token rose to 0.61%. 

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The daily candle for Shiba Inu opened at a price of $0.00001193 and reached a daily high of $0.00001209. Moreover, the daily low for the token stands at a price of $0.00001192. The price of 1 SHIB at the time of writing is $0.00001198.

Shiba Inu price analysis on the daily chart for August 2

Shiba Inu price analysis for August 2, 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 58 which means that the buyers and the sellers are currently at war with the former being in charge of the price action of Shiba Inu.

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The MACD line is nearly overlapping the signal line confirming low volumes.

The Shiba Inu price action is situated in the bullish zone of the Bollinger Bands.

Conclusion

Shiba Inu price analysis for August 2, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000012.

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