With Shiba Inu being pushed out of top 15, meme frenzy is dead?

Shiba Inu price analysis for July 31, 2022, comes on a slightly bullish note for the world’s 2nd biggest meme coin as the chances of making higher highs in the coming days remain quite low because the token has been pushed from its 15th position in the market and compared to the other tokens in the market, SHIB and DOGE, the top two meme coins, have lost their prices significantly and their performance has also been sluggish. However, the nearest resistance for the SHIB token stands at the $0.000012 price region which the token has failed to turn into support.

As noted in our SHIB price analysis for July 30, 2022, there is a strong support for the meme coin at the $0.000010 price region which has been holding for a very long time as well.

The data from CoinMarketCap shows that the trading volume for SHIB has surged by 20.47% in the last 24 hours, while the market cap of the token has surged by 1.85% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1029, while the Market Dominance of the token rose to 0.60%. 

The daily candle for Shiba Inu opened at a price of $0.00001192 and reached a daily high of $0.00001207. Moreover, the daily low for the token stands at a price of $0.00001178. The price of 1 SHIB at the time of writing is $0.00001204.

Shiba Inu price analysis on the daily chart for July 31

Shiba Inu price analysis for July 31, 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 59 which means buyers are still pushing for higher prices for Shiba Inu.

The MACD line is very close to the signal line and the histogram confirms that the SHIB token is almost devoid of volume.

The Shiba Inu price action is retesting the middle zone of the Bollinger Bands as situation remains unclear.

Conclusion

Shiba Inu price analysis for July 31, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000012.