Shiba Inu retains $0.000012: Buy and HODL?

Shiba Inu price analysis for July 23, 2022, comes on a bearish note for the 2nd biggest meme coin in the crypto market and the prices have dropped by 0.51% in the last 24 hours and investors are currently witnessing a lack of buying volume for the SHIB token. Furthermore, the token currently holds price action above the resistance of $0.000012 but it is highly possible that SHIB might retest the $0.000011 price level. Interestingly, the meme coin has retained its position as the 15th biggest cryptocurrency in the space.

Additionally, as noted in our SHIB price analysis for July 23, 2022, there are increased chances of the meme coin retesting the $0.000010 price level if the buyers don’t take control of the Shiba Inu price action.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 10.23% in the last 24 hours, while the market cap of the token has surged by 0.18% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06569, while the Market Dominance of the token rests at 0.63%. 

The daily candle for Shiba Inu opened at a price of $0.00001171 and reached a daily high of $0.00001209. Moreover, the daily low for the token stands at a price of $0.00001156. The price of 1 SHIB at the time of writing is $0.00001203.

Shiba Inu price analysis on the daily chart for July 23

Shiba Inu price analysis for July 23, 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 60 which means that the buyers are overall in control of the Shiba Inu price action.

The MACD line is very close to the signal line and it seems that a bearish divergence is very much likely to occur.

The Shiba Inu price action is situated in the upper zone of the Bollinger Bands, which confirms that the buyers are dominating.

Conclusion

Shiba Inu price analysis for July 23, 2022, ends on a slightly bearish note for the SHIB token with considerable chances of retesting $0.000011.