Shiba Inu remains slightly bullish after retaining 12th position

Shiba Inu price analysis for August 16, 2022, comes on a bullish note for the world’s 2nd biggest meme coin as it is clear that the token has jumped by almost 2.19% in the last 24 hours and it is possible that we might witness higher prices in the coming days as well. Furthermore, it is also vital to note that the meme coin has a major support at the $0.000010 price level as well. It is clear that price fluctuations might continue in the near future. Also, SHIB has also retained its position as the 12th biggest token in the crypto market.

As noted in our SHIB price analysis for August 15, 2022, the Shiba Inu token has a major resistance towards the $0.000018 price region which might not be broken if the bulls don’t gear up in the near future.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 57.01% 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 0.1827, while the Market Dominance of the token rose to 0.76%. 

The daily candle for Shiba Inu opened at a price of $0.00001527 and reached a daily high of $0.00001659. Moreover, the daily low for the token stands at a price of $0.00001509. The price of 1 SHIB at the time of writing is $0.00001588.

Shiba Inu price analysis on the daily chart for August 16

Shiba Inu price analysis for August 16, 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 71 which means that the Shiba Inu meme coin is still overbought.

The MACD line is moving away from the signal line and the histogram is also bullish.

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

Conclusion

Shiba Inu price analysis for August 16, 2022, ends on a bullish note for the SHIB token with high chances of retesting $0.000016.