Shiba Inu retains major support: Buy now and sell higher?

Shiba Inu price analysis for July 27, 2022, comes on a bullish note for the 2nd biggest meme coin in the crypto space as we can see that the prices have surged by 2.7% in the last 24 hours and it seems that higher prices are likely to follow. The meme coin has successfully outperformed some of the major cryptocurrencies in the market in the last 24 hours. Furthermore, the nearest support for the token stands at the $0.000010 price region which has retained for a long time. We can expect the SHIB token to make higher highs if the token once again breaks above $0.000011.

Additionally, as noted in our SHIB price analysis for July 26, 2022, there are increased chances of the token retaining the $0.000010 price region but it is also important to note that the meme coin lost the 15 position in the crypto space.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 22.10% in the last 24 hours, while the market cap of the token has surged by 2.38% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05115, while the Market Dominance of the token rose to 0.60%. 

The daily candle for Shiba Inu opened at a price of $0.00001087 and reached a daily high of $0.00001089. Moreover, the daily low for the token stands at a price of $0.00001051. The price of 1 SHIB at the time of writing is $0.00001075.

Shiba Inu price analysis on the daily chart for July 27

Shiba Inu price analysis for July 27, 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 48 which means that there are significant chances of bulls reclaiming dominance.

The MACD line has broken below the signal line which confirms a bearish divergence is very much possible for Shiba Inu.

The Shiba Inu price action has dropped to the bearish zone of the Bollinger Bands with considerable chances of a breakout if $0.000010 doesn’t hold.

Conclusion

Shiba Inu price analysis for July 27, 2022, ends on a slightly bullish note for the SHIB token with high chances of retaining $0.000010.