Shiba Inu retains critical price level despite market slump

Shiba Inu price analysis for August 25, 2022, comes on a sluggish note for the world’s 12th biggest cryptocurrency as there are chances of the SHIB token retaining the $0.000013 price level. It is also important to note that the 2nd-biggest meme coin has been trying to break into an uptrend but failed to do so due to the recent market sell-off. If the situation does not improve, SHIB’s uptrend might be delayed by a longer margin as there is a strong lack of trading volume in the crypto market.

As noted in our SHIB price analysis for August 24, 2022, the Shiba Inu price action has been trying to attain higher prices but failed to break through the $0.000018 price level which seems to be a major region of price resistance.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 7.73% in the last 24 hours, while the market cap of the token has surged by 0.57% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05114, while the Market Dominance of the token dropped to 0.70%. 

The daily candle for Shiba Inu opened at a price of $0.00001306 and reached a daily high of $0.00001333. Moreover, the daily low for the token stands at a price of $0.00001303. The price of 1 SHIB at the time of writing is $0.00001331.

Shiba Inu price analysis on the daily chart for August 25

Shiba Inu price analysis for August 25, 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 being dominated by the bulls.

The MACD line is below the signal line and the MACD histogram is also bearish indicating lower prices.

The Shiba Inu price action is currently retesting the middle zone of the Bollinger Bands as sluggish movement prevails.

Conclusion

Shiba Inu price analysis for August 25, 2022, ends on a slightly bullish note for the SHIB token with increased chances of retaining $0.000013.