Shiba Inu retains $0.000012 as market turns bullish

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for August 8, 2022, comes on a bullish note for the world’s 2nd biggest meme coin as it is clear that the prices have jumped by almost 4.5% in the last 24 hours and it seems that we can expect higher prices from the token in the coming days as well. Furthermore, the nearest resistance for the token is present at the $0.000012 price region which has been retain and this means that it is possible that SHIB token remains bullish and aim for the $0.000013 price level.

As noted in our SHIB price analysis for August 7, 2022, there is a strong support for the token at the $0.000010 price level which has been holding for a very long time. It is imperative to note that Shiba Inu might continue to strive for higher prices if the volume remain high.

The data from CoinMarketCap shows that the trading volume for SHIB has surge by 53.76% in the last 24 hours, while the market cap of the token has surge by 4.57% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05302, while the Market Dominance of the token rests at 0.60%. 

The daily candle for Shiba Inu opened at a price of $0.00001205 and reached a daily high of $0.00001263. Moreover, the daily low for the token stands at a price of $0.00001203. The price of 1 SHIB at the time of writing is $0.00001245.

Shiba Inu price analysis on the daily chart for August 8

Shiba Inu price analysis for August 8, 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 62 which confirms that the bulls are in control of the price action of Shiba Inu.

The MACD line is overlapping with the signal line as price action remains sluggish in the longer run.

The Shiba Inu price action is retesting the upper zone of the Bollinger Bands, hinting that bullish outbreak might follow.

Conclusion

Shiba Inu price analysis for August 8, 2022, ends on a bullish note for the SHIB token as chances of retesting $0.000013 are high.

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