Shiba Inu trading volume takes a dip amidst market recovery

Shiba Inu price analysis for July 17, 2022, comes on a slightly bullish note for the 2nd biggest meme coin in the crypto market as we can confirm that the token has surged by nearly 2% in the last 24 hours. Furthermore, it is also crucial to note that the meme token has successfully retained the price action above the $0.000010 region. Furthermore, the SHIB token aims to break above $0.000011 and make a move towards the $0.000012 price region. If successful, we can expect a trend reversal for SHIB token.

As noted in our SHIB price analysis for July 16, 2022, there are considerable chances of the SHIB token reclaiming the $0.000011 region in the coming days as it continues to retain the $0.000010 price level.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 18.49% in the last 24 hours, while the market cap of the token has surged by 2.42% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04711, while the Market Dominance of the token dropped to 0.62%. 

The daily candle for Shiba Inu opened at a price of $0.00001103 and reached a daily high of $0.00001111. Moreover, the daily low for the token stands at a price of $0.00001088. The price of 1 SHIB at the time of writing is $0.00001096.

Shiba Inu price analysis on the daily chart for July 17

Shiba Inu price analysis for July 17, 2022, will take into consideration the data from the indicators integrated into the daily chart below.

Source: TradingView