Shiba Inu still the 12th biggest crypto after a 13% price crash

Shiba Inu price analysis for August 19, 2022, comes on a bearish note for the world’s 2nd biggest meme coin as the prices have dropped by almost 13% in the last 24 hours and investors can expect the meme coin to drop further in the near future if the bulls fail to take over. It is also important to note that the nearest resistance for the meme coin stood around the $0.000015 price level which it was unable to retain and at the time of writing, SHIB is down to the $0.000013 price level. It is important for this price level to hold.

As noted in our SHIB price analysis for August 18, 2022, the world’s 2nd biggest meme coin Shiba Inu is just two positions away from dethroning Dogecoin, the world’s biggest meme coin. SHIB is currently the world’s 12th biggest crypto.

The data from CoinMarketCap shows that the trading volume for SHIB has jumped by 0.02% in the last 24 hours, while the market cap of the token has dropped by 12.37% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1203, while the Market Dominance of the token dropped to 0.68%. 

The daily candle for Shiba Inu opened at a price of $0.00001348 and reached a daily high of $0.00001361. Moreover, the daily low for the token stands at a price of $0.00001266. The price of 1 SHIB at the time of writing is $0.00001304.

Shiba Inu price analysis on the daily chart for August 19

Shiba Inu price analysis for August 19, 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 51 which confirms that the Shiba Inu coin will drop further.

The MACD line is touching the signal line which confirms that SHIB will undergo a bearish divergence soon.

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

Conclusion

Shiba Inu price analysis for August 19, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000012.