Shiba Inu underperforms compared to the broader market!

Shiba Inu price analysis
Source: TradingView

Shiba Inu price analysis for August 13, 2022, comes on a slightly bullish note for the world’s 2nd biggest meme coin as it is clear that the token has surged by only 2.5% in the last 24 hours and investors can expect SHIB to break into the $0.000013 price level if the bulls remain in control of the price action. However, it is also important to note that the SHIB token has a strong resistance beyond the $0.000012 price region. The bulls have been holding above this price level for a very long time.

As noted in our SHIB price analysis for August 12, 2022, the world’s biggest meme coin might lose the 15 th position in the market as the other cryptocurrencies are performing better that the SHIB meme coin.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 5.56% in the last 24 hours, while the market cap of the token has surged by 2.97% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06091, while the Market Dominance of the token dropped to 0.59%. 

The daily candle for Shiba Inu opened at a price of $0.00001267 and reached a daily high of $0.00001296. Moreover, the daily low for the token stands at a price of $0.00001252. The price of 1 SHIB at the time of writing is $0.00001266.

Shiba Inu price analysis on the daily chart for August 13

Shiba Inu price analysis for August 13, 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 63 which confirms that Shiba Inu bulls are overall in control of the price action.

The MACD line is overlapping with the signal line as the histogram is green in color.

The Shiba Inu price action is retesting the upper line of the Bollinger Bands and a bullish breakout might follow.

Conclusion

Shiba Inu price analysis for August 13, 2022, ends on a bullish note for the SHIB token with high chances of retesting $0.000012.

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