Shiba Inu turns $0.000010 into support: What to expect from SHIB?
Shiba Inu price analysis for July 05, 2022, comes on a sluggish note for the 2nd biggest meme coin in the crypto market as we can confirm that the SHIB token aims to turn the $0.000010 price region into support. It seems that investors might witness the SHIB token breaking into an uptrend in the near future if the trading volume continues to rise. The nearest resistance to the token stands beyond the $0.000012 price level.
As noted in our SHIB price analysis for July 4, 2022, there is a huge chance of the meme coin retesting the $0.000009 price level. Furthermore, it is also important to note that the meme coin has retained the 14th position in the crypto space.
The data from CoinMarketCap shows that the trading volume for SHIB has surged by 97.65% in the last 24 hours, while the market cap of the token has surged by 2.80% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.07121, while the Market Dominance of the token rests at 0.63%.
The daily candle for Shiba Inu opened at a price of $0.00001048 and reached a daily high of $0.00001099. Moreover, the daily low for the token stands at a price of $0.00001029. The price of 1 SHIB at the time of writing is $0.00001038.
Shiba Inu price analysis on the daily chart for July 5
Shiba Inu price analysis for July 5, 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 the bulls have taken over the price action of the Shiba Inu token.
The MACD indicator shows that the MACD line is very close to the signal line as the histogram remains sluggish for the token.
The Shiba Inu price action is retesting the middle region of the Bollinger Bands and a breakout into the bearish region is probable.
Conclusion
Shiba Inu price analysis for July 5, 2022, ends on a bearish note as the token aims to turn $0.000010 into a support region.
