Shiba Inu wipes out the gains made in last 24 hours

Shiba Inu price analysis for August 26, 2022, comes on a bearish note for the world’s 2nd biggest meme coin although it clear that the SHIB token has surged by 0.84% in the last 24 hours. However, taking into consideration of today’s daily candle, it is clear that the meme coin down by almost 4% and hence, has wiped out all the gains made in the last 24 hours. Another important fact that is to be noted is the strong resistance towards the $0.000018 price level which has been holding for a very long time.

As noted in our SHIB price analysis for August 25, 2022, the Shiba Inu token has a strong support towards the $0.000013 price level which it has been holding ever since it claimed the 12th position in the crypto space.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 184.50% in the last 24 hours, while the market cap of the token has surged by 0.84% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1424, while the Market Dominance of the token rose to 0.71%. 

The daily candle for Shiba Inu opened at a price of $0.00001393 and reached a daily high of $0.00001404. Moreover, the daily low for the token stands at a price of $0.00001320. The price of 1 SHIB at the time of writing is $0.00001341.

Shiba Inu price analysis on the daily chart for August 26

Shiba Inu price analysis for August 26, 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 53 which confirms that the Shiba Inu price action remains in control of the bulls.

The MACD line is below the signal line but the two are now coming closer and a bullish divergence is likely.

The Shiba Inu price action is currently retesting the middle zone of the Bollinger Bands.

Conclusion

Shiba Inu price analysis for August 26, 2022, ends on a slightly bullish note for the SHIB token as SHIB continues to retain $0.000013.