SHIB price analysis: Shiba Inu struggles to breach $0.000033

SHIB price analysis on the daily for Feb 8, 2022, confirms a bullish trajectory being followed by the meme coin. The token had seen a huge price surge, as seen in the Shiba Inu price analysis for Feb 7, 2022. The prices shot up from $0.000028 and met with resistance at $0.000033. In the last 24 hours, Shiba Inu has outperformed Dogecoin, as clear from our Dogecoin price analysis for Feb 8, 2022.

The popularity of Shiba Inu is a known fact. Recently, CryptoAltum has also implemented the listing of Dogecoin and Shiba Inu on the MT5 trading platform. Furthermore, Newegg, the electronic retail giant, had also announced that it would accept SHIB as payment, as reported by TheCoinRise. Moreover, AMC Theatre also plans on adding SHIB as a payment method. 

The data from CoinMarketCap shows that the trading volume of the token surged 76.79% in the last 24 hours, followed by an 18.88% surge in market cap. The Volume / Market Cap Ratio stands at a value of 0.2802, while the Market Dominance of SHIB is 0.90%. The daily candle of the token started at a price of $0.00003256 and reached a daily high of $0.00003303. However, the daily low for the token stands at $0.00003150.

SHIB price analysis on the daily chart

The SHIB price analysis on the daily chart shows that the token has broken out from the upper end of the Bollinger Bands showing that bulls are in charge.

Source: TradingView

The MACD indicator shows that the MACD line (blue) has broken above the signal line (orange), which means that higher prices will follow.

Source: TradingView

Conclusion

Our SHIB price analysis for Feb 8 can be concluded on a bullish note. The token is currently 62.68% low from its all-time high, which was witnessed on Oct 28, 2021, at $0.00008845, and its market rank is 13. Moreover, following the expansion of Shiba Inu into the ‘Dog Park,’ investors might see an increased interest in the meme coin.