Shiba Inu price action shows dried up trading volume: Buy or sell?

Shiba Inu price analysis for July 22, 2022, comes on a sluggish note for the 2nd biggest meme coin in the crypto market as it seems that the trading volume for the token has dried up and the token surged by around 1.06% in the last 24 hours. It is imperative to note that the chances of higher highs in the coming days are low and investors need to wait it out before investing. We saw the SHIB token reclaim the $0.000012 price region in the last 24 hours, and it seems that this region might hold as support for now.

As noted in our SHIB price analysis for July 21, 2022, there is a considerable resistance beyond the $0.000013 price level for the Shiba Inu and it remains unclear if the meme coin will be able to retain the $0.000012 price level.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 45.55% in the last 24 hours, while the market cap of the token has surged by 1.35% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.08007, while the Market Dominance of the token rests at 0.63%. 

The daily candle for Shiba Inu opened at a price of $0.00001199 and reached a daily high of $0.00001223. Moreover, the daily low for the token stands at a price of $0.00001193. The price of 1 SHIB at the time of writing is $0.00001220.

Shiba Inu price analysis on the daily chart for July 22

Shiba Inu price analysis for July 22, 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 62 which means that the buyers are still dominating the Shiba Inu price action.

The MACD line is very close to the signal line which indicates that sluggish movement follows.

The Shiba Inu price action is situated in the upper zone of the Bollinger Bands, which confirms that the buyers are in control in the short term.

Conclusion

Shiba Inu price analysis for July 22, 2022, ends on a sluggish note for the SHIB token with low chances of hoding above $0.000012.