Shiba Inu remains bearish as the market is devoid of capital inflow

Shiba Inu price analysis for August 1, 2022, comes on a bearish note for the world’s 2nd biggest meme coin as we can confirm that the price have dropped by nearly 1% in the last 24 hours and investors might see another drop for the token in the coming days if the $0.000012 resistance is not broken and turned into support. The month of July ended on a sluggish note for the SHIB token while most tokens surged by 15% on an average. SHIB only just 1% in July which indicates that the meme frenzy has as its rival coin, DOGE has also been performing quite poorly. Investors are losing faith.

As noted in our SHIB price analysis for July 31, 2022, the Shiba Inu token has found it difficult to break the $0.000013 price region due to it being a strong resistance zone.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 38.80% in the last 24 hours, while the market cap of the token has dropped by 1.13% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06469, while the Market Dominance of the token rests at 0.60%. 

The daily candle for Shiba Inu opened at a price of $0.00001170 and reached a daily high of $0.00001186. Moreover, the daily low for the token stands at a price of $0.00001166. The price of 1 SHIB at the time of writing is $0.00001183.

Shiba Inu price analysis on the daily chart for August 1

Shiba Inu price analysis for August 1, 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 means that sellers are gradually taking over the price action of Shiba Inu.

The MACD line is nearly overlapping the signal line confirming a bearish situation for the meme coin.

The Shiba Inu price action is retesting the middle zone of the Bollinger Bands with high chances of a price decline.

Conclusion

Shiba Inu price analysis for August 1, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000010.