Shiba Inu retains $0.000011 after a 2% price drop: Another crash incoming

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Shiba Inu price analysis for July 9, 2022, comes on a bearish note for the world’s 2nd biggest meme coin as we can confirm that the token has dropped by more than 2% in the last 24 hours and it seems that there is a major support level for the meme coin at the $0.000010 price level. As noted in our SHIB price analysis for July 8, 2022, the SHIB token was able to reclaim the $0.000011 price level. Investors can expect the meme coin to make higher highs in the coming days if SHIB is capable of retaining the $0.000011 price level.

The Shiba Inu token is nearly 87.45% low than its all-time high of $0.00008845 which was witnessed in the month of Oct 28, 2021.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 12.53% in the last 24 hours, while the market cap of the token has dropped by 2.41% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.0914, while the Market Dominance of the token rose to 0.64%. 

The daily candle for Shiba Inu opened at a price of $0.00001120 and reached a daily high of $0.00001139. Moreover, the daily low for the token stands at a price of $0.00001102. The price of 1 SHIB at the time of writing is $0.00001112.

Shiba Inu price analysis on the daily chart for July 9

Shiba Inu price analysis for July 9, 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 56 which means that the bulls remain in control.

The MACD indicator shows that the MACD line is very close to the signal line and a bearish divergence can be expected.

The Shiba Inu price action is situated in the bullish region of the Bollinger Bands.

Conclusion

Shiba Inu price analysis for July 9, 2022, ends on a bearish note as SHIB aims to turn $0.000011 into support.

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