Shiba Inu price action cools down after a 33% price gain

Shiba Inu price analysis for August 15, 2022, comes on a bearish note for the world’s 2nd biggest meme coin which had turned extremely bullish in the last 24 hours. It is important to note that the SHIB meme coin rose by 33% on a single daily candle marking a huge profit for traders. However, after a significant price surge, the price action can be seeling cooling off as SHIB is down by almost 7% on today’s daily candle. The neareast resistance for SHIB was present beyond $0.000013 which was broken and we can expect SHIB to aim for higher prices.

As noted in our SHIB price analysis for August 14, 2022, the Shiba Inu meme coin has a resistance level at the $0.000020 price level while the nearest support was at $0.000010 which was retested a while ago.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 172.43% in the last 24 hours, while the market cap of the token has surged by 1.03% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.4383, while the Market Dominance of the token rose to 0.75%. 

The daily candle for Shiba Inu opened at a price of $0.00001690 and reached a daily high of $0.00001770. Moreover, the daily low for the token stands at a price of $0.00001522. The price of 1 SHIB at the time of writing is $0.00001570.

Shiba Inu price analysis on the daily chart for August 15

Shiba Inu price analysis for August 15, 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 72 confirming that Shiba Inu is being overbought in the crypto market.

The MACD line is moving away from the signal line which means that the bulls are in charge of the token.

The Shiba Inu price action has broken out of the upper end of the Bollinger Bands.

Conclusion

Shiba Inu price analysis for August 15, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000013.