Shiba Inu reclaims $0.000010 but not for long

Dogecoin price analysis
Source: TradingView

Shiba Inu price analysis for July 4, 2022, comes on a bearish note for the 2nd biggest meme coin as the chances of making higher highs in the coming days remain low. Furthermore, as noted in our SHIB price analysis for July 3, 2022, the token successfully reclaimed the $0.000010 price region and it seems that investors can expect SHIB to make a higher high in the coming days. Additionally, in the last 24 hours, the price of the meme coin surged by 1.70% and it seems that investors can expect higher prices if the buying pressure continues to surge.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 3.31% in the last 24 hours, while the market cap of the token has surged by 1.57% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.03835, while the Market Dominance of the token rests at 0.63%. 

The daily candle for Shiba Inu opened at a price of $0.00001004 and reached a daily high of $0.00001019. Moreover, the daily low for the token stands at a price of $0.00000993. The price of 1 SHIB at the time of writing is $0.00001015.

Shiba Inu price analysis on the daily chart for July 4

Shiba Inu price analysis for July 4, 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 49 which confirms that the Shiba Inu bulls have still not given up and continue to strive for higher prices.

The MACD indicator shows that the MACD line is very close to the signal line and bearish divergence is still possible.

The Shiba Inu price action is retesting the middle region of the Bollinger Bands and investors can expect a breakout into the bearish region.

Conclusion

Shiba Inu price analysis for July 4, 2022, ends on a bearish note as the chances of SHIB retaining $0.000010 remain low.

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