Shiba Inu retains $0.000013 irrespective of the broader market

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Shiba Inu price analysis for August 23, 2022, comes on a bearish note for the SHIB token as the world’s 2nd biggest meme coin remains stuck in a downtrend. Additionally, it is also important to note that SHIB might have issues with initiating an uptrend for now but there are considerable chances of the coin retaining price above the $0.000013 price level. Now, this is a previous region of resistance for the SHIB token which the token is currently retesting as a support level. Furthermore, there is another support for the token is present at the $0.000010 price level.

Additionally, as noted in our SHIB price analysis for August 22, 2022, the Shiba Inu price action will continue to be dominated by the bears in the near future as the situation currently shows a lack of trading volume.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 6.86% in the last 24 hours, while the market cap of the token has dropped by 2.01% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06228, while the Market Dominance of the token dropped to 0.71%. 

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The daily candle for Shiba Inu opened at a price of $0.00001348 and reached a daily high of $0.00001352. Moreover, the daily low for the token stands at a price of $0.00001335. The price of 1 SHIB at the time of writing is $0.00001346.

Shiba Inu price analysis on the daily chart for August 23

Shiba Inu price analysis for August 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 52 which confirms that the Shiba Inu price action is still being controlled by the bulls.

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The MACD line is below the signal line confirming bearish scenario for the SHIB meme coin.

The Shiba Inu price action is currently retesting the middle zone of the Bollinger Bands hinting that lower prices might follow.

Conclusion

Shiba Inu price analysis for August 23, 2022, ends on a bearish note for the SHIB token as investors can expect SHIB to retain the $0.000013 price level.

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