SHIB price analysis: Shiba Inu prices shoots up nearly 7%

SHIB price analysis on the daily chart can be confirmed on a bullish note as the token has seen a bullish outburst in the last 24 hours. Moreover, we have seen Shiba Inu rise 23% in a single day, as per our SHIB price analysis for Feb 7, 2022. The investors are bullish on the token following the launch of its metaverse, currently codenamed Shiberse.

The rival meme coin for Shiba Inu (SHIB), Dogecoin (DOGE), has been bearish for the last 24 hours, as the token was unable to break above the $0.17 price level witnessed in our Dogecoin price analysis for Feb 10, 2022. On the other hand, Bitcoin has also been sluggish, unable to push through the $45K price resistance, as per our Bitcoin price analysis for Feb 10, 2022. 

The data from CoinMarketCap shows that the trading volume of the meme coin dropped 13.75% in the last 24 hours, followed by a 6.46% surge in the market cap. Moreover, the market rank of the token is just below its rival meme coin (DOGE), i.e., 13th. We can expect SHIB to re-enter the top 10 cryptocurrencies in the market if the performance continues to be bullish.

SHIB price analysis on the daily chart

The indicator on the chart below is called the Bollinger Bands, and the price action just broke from the upper end of the Bands, which confirms that bulls are in charge of the price action.

Source: TradingView

The RSI level shows that the token aims to blow through the bullish region and enter the overbought region in the coming days. The current reading for RSI is 68.02.

Source: TradingView

Conclusion

SHIB price analysis can be concluded on a bullish note for the day as the token aims to break into the top 10 cryptocurrencies by market cap. Moreover, SHIB has been recently adopted by Newegg for payments, and recently, we even saw the Kraken crypto exchange listing the Shiba Inu.