Shiba Inu turns bullish after a price surge of nearly 3%: Buy now?

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Shiba Inu price analysis for July 8, 2022, ends on a slightly bearish note for the meme coin as we can see that it rose by around 3% in the last 24 hours. We can expect the meme coin to make higher highs in the coming days if it successfully breaches the $0.000012 price region. However, the chances of that seem low as the buying pressure seems to have died down. It is clear that the bulls are trying hard not to let the token fall below the $0.000010 price region. 

As noted in our Shiba Inu price analysis for July 7, 2022, there are considerable chances of the meme token losing the $0.000010 price region if it doesn’t reclaim the $0.000012 price region and turn it into support. Until then, traders are advised to wait it out while investors are advised to DCA all the way. 

The data from CoinMarketCap shows that the trading volume for SHIB has rose by 96.71% in the last 24 hours, while the market cap of the token has risen by 3.18% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.0951, while the Market Dominance of the token rests at 0.63%. 

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The daily candle for Shiba Inu opened at a price of $0.00001127 and reached a daily high of $0.00001151. Moreover, the daily low for the token stands at a price of $0.00001070. The price of 1 SHIB at the time of writing is $0.00001084.

Shiba Inu price analysis on the daily chart for July 8

Shiba Inu price analysis for July 8, 2022, will take into consideration the data from the indicators integrated into the daily chart below.

Shiba Inu price analysis

Source: TradingView

The RSI indicator reads a value below 54 which means that the bulls remain in control of the price action.

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The MACD indicator shows that the MACD line is very close to the signal line and a bearish divergence is possible.

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 8, 2022, ends on a slighty bullish note for SHIB as it aims to struggle and break through $0.000013.

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