Shiba Inu volume doubles as SHIB aims to break $0.000012

Shiba Inu price analysis for July 19, 2022, comes on a bullish note for the world’s 2nd biggest meme coin as we can confirm that the prices have surged by more than 7.8% in the last 24 hours and investors might see the SHIB token aim for higher prices in the coming days as well. It is also important to note that SHIB has been bearish since its all-time high but we might see higher prices if the macro-economic conditions improve and BTC retains price action above the $22K price action.

As noted in our SHIB price analysis for July 18, 2022, the nearest resistance for the Shiba Inu meme coin stands beyond the $0.000012 price zone while the nearest support for the token stands at $0.000010 price level.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 243.09% in the last 24 hours, while the market cap of the token has surged by 8% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1368, while the Market Dominance of the token rests at 0.62%. 

The daily candle for Shiba Inu opened at a price of $0.00001196 and reached a daily high of $0.00001212. Moreover, the daily low for the token stands at a price of $0.00001161. The price of 1 SHIB at the time of writing is $0.00001162.

Shiba Inu price analysis on the daily chart for July 19

Shiba Inu price analysis for July 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 58 which means that the bulls are overall in control of the price action of Shiba Inu.

The MACD line is very close to the signal line while the MACD histogram remains bullish for the SHIB token.

The Shiba Inu price action is situated in the upper end of the Bollinger Bands which means that a bullish breakout is possible.

Conclusion

Shiba Inu price analysis for July 19, 2022, ends on a bullish note as SHIB aims to reclaim the $0.000012 price level.