Shiba Inu retains the $0.000012 price level: Will SHIB hold here?

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for August 6, 2022, comes on a slightly bullish note for the world’s 2nd biggest meme coin as the prices have jumped about 1.5% in the last 24 hours and investors can expect SHIB to break into an uptrend if the prices are able to retain the current resistance level which was broken in the last 24 hours. This is the $0.000012 price region we are talking about and SHIB broke it a few hours ago. It will be interesting to see if the meme coin is capable to retaining $0.000012.

As noted in our SHIB price analysis for August 5, 2022, the nearest support for the meme coin Shiba Inu stands at the $0.000010 price region which has been holding for a very long time.

The data from CoinMarketCap shows that the trading volume for SHIB has risen by 13.80% in the last 24 hours, while the market cap of the token has surged by 1.64% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05211, while the Market Dominance of the token rests at 0.61%. 

The daily candle for Shiba Inu opened at a price of $0.00001214 and reached a daily high of $0.00001225. Moreover, the daily low for the token stands at a price of $0.00001208. The price of 1 SHIB at the time of writing is $0.00001220.

Shiba Inu price analysis on the daily chart for August 6

Shiba Inu price analysis for August 6, 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 60 confirming that the bulls are dominating the price action of Shiba Inu.

The MACD line is nearly overlapping with the signal line which means volume is low for SHIB.

The Shiba Inu price action is in the bullish zone of the Bollinger Bands, hinting that higher prices might follow.

Conclusion

Shiba Inu price analysis for August 6, 2022, ends on a slightly bullish note for the SHIB token with considerable chances of retaining $0.000012.

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