SHIB price analysis: Shiba Inu dips 2% in 24 hours, are bulls done?

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SHIB price analysis for Feb 6, 2022, brings a very sluggish analysis for Shiba Inu, the “Dogecoin Killer.” On the other hand, its rival meme coin has also been following in similar footsteps, and as per Dogecoin price analysis for Feb 6, 2022, DOGE is under the influence of bears.

However, SHIB is also not performing very well since rising more than 800% in the month of October. Although, the token did enter the month of February on a bullish note, as seen clearly in our SHIB price analysis for Feb 4, 2022. Comparatively, the current bearishness is exactly the opposite of what the meme coin saw in November when a number of bullish catalysts shot up the price of SHIB by 30%.

The data from CoinMarketCap shows that the trading volume for SHIB dropped by nearly 32.18% in the last 24 hours, followed by a 2.00% drop in the market cap. The current rank of the token is 15, and it seems that SHIB might once again lock horns with DOGE in the near future.

As per the SHIB price analysis on the daily candle, the token started the day at a price of $0.00002249 and reached a daily high of $0.00002335. Following these levels, the price of 1 SHIB at the time of writing is $0.00002267, while the daily low stands at $0.00002223.

SHIB price analysis on the daily chart

The A/D line shows that SHIB accumulation has dropped to quite low levels as the bearishness of the token continues to dominate.

SHIB price analysis

Source: TradingView

The RSI line on the chart below confirms that the gradient of the line is slightly positive, which means higher prices are possible.

SHIB price analysis

Source: TradingView

Conclusion

Our SHIB price analysis on the daily chart can be concluded on a bullish note for the long term as the meme coin aims to retest the nearest support of $0.00002186 for Feb 6. SHIB has strong bullish potential as the meme coin tripled in a single week. So, TheCoinRise is bullish on SHIB.

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