Shiba Inu shows no potential for higher highs: Key points

Shiba Inu price analysis for July 16, 2022, comes on a sluggish note for the token as we can see that the prices of the SHIB token have surged by only 0.23% in the last 24 hours. It seems that the chances of making higher highs in the coming days seem quite low and investors should not expect the meme coin break the $0.000012 price level if the bears remain in control and the buying volume remains low. Interestingly, in the nearest resistance for the price action of the 2nd biggest meme coin in the crypto space is beyond the $0.000012 price level which the token has failed to breach on a number occassions.

As noted in our SHIB price analysis for July 15, 2022, there are considerable chances of the token retesting the $0.000010 price level which is a major support for SHIB.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 15.59% in the last 24 hours, while the market cap of the token has surged by 1.29% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.0588, while the Market Dominance of the token rests at 0.63%. 

The daily candle for Shiba Inu opened at a price of $0.00001083 and reached a daily high of $0.00001085. Moreover, the daily low for the token stands at a price of $0.00001085. The price of 1 SHIB at the time of writing is $0.00001072.

Shiba Inu price analysis on the daily chart for July 16

Shiba Inu price analysis for July 16, 2022, will take into consideration the data from the indicators integrated into the daily chart below.

Source: TradingView