Shiba Inu selling pressure soars after market sell-off

Shiba Inu price analysis for August 20, 2022, comes on a bearish note for the world’s 2nd biggest meme coin as the prices have soared by 0.07% in the last 24 hours. Moreover, it is also important to note that the meme coin has a strong support at the $0.000010 price level which has been holding for a very long time. Interestingly, the meme coin has been holding prices above the $0.000013 price level which suggests that investors can expect this region to be turned into support. However, this price level was earlier a strong resistance as well.

Also as noted in our SHIB price analysis for August 19, 2022, the leading meme coin Shiba Inu has continued to hold 12th position in the crypto space which suggests that investors might witness continued bullish action.

The data from CoinMarketCap shows that the trading volume for SHIB has jumped by 52.77% in the last 24 hours, while the market cap of the token has rose by 0.23% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1441, while the Market Dominance of the token soared to 0.73%. 

The daily candle for Shiba Inu opened at a price of $0.00001316 and reached a daily high of $0.00001362. Moreover, the daily low for the token stands at a price of $0.00001313. The price of 1 SHIB at the time of writing is $0.00001341.

Shiba Inu price analysis on the daily chart for August 20

Shiba Inu price analysis for August 20, 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 53 which confirms that the Shiba Inu coin will remain bearish.

The MACD line has gone below the signal line which confirms a bearish divergence for the SHIB token.

The Shiba Inu price action is currently retesting the middle zone of the Bollinger Bands.

Conclusion

Shiba Inu price analysis for August 20, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000012.