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Shiba Inu remains bearish as the market is devoid of capital inflow
The daily candle for Shiba Inu opened at a price of $0.00001170 and reached a daily high of $0.00001186. Moreover, the daily low for the token stands at a price of $0.00001166. The price of 1 SHIB at the time of writing is $0.00001183.
Shiba Inu price analysis for August 1, 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 57 which means that sellers are gradually taking over the price action of Shiba Inu.
The MACD line is nearly overlapping the signal line confirming a bearish situation for the meme coin.
The Shiba Inu price action is retesting the middle zone of the Bollinger Bands with high chances of a price decline.
Shiba Inu price analysis for August 1, 2022, ends on a bearish note for the SHIB token with high chances of retesting $0.000010.
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