SHIB price analysis: Shiba Inu up 23%, outperforms altcoins

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SHIB price analysis for Feb 7, 2022, shows that the token has outperformed a number of altcoins, rising more than 23% in the last 24 hours. The cryptocurrency was witnessing sluggish prices, as seen in our SHIB price analysis for Feb 6, 2022. However, following this sluggish movement was a bullish outburst breaking the resistance zone, which remained strong in the SHIB price analysis for Feb 5, 2022.

SHIB token has seen an increased interest from firms as Kraken had also recently listed Shiba Inu while Newegg is also accepting SHIB as payment. The widespread adoption of the token can also be attributed to the launch of the ‘Dog Park,’ which was covered by TheCoinRise in a recent report.  

The data from CoinMarketCap shows that the trading volume of SHIB rose by nearly 439.27% while the market cap rose by 23.40%. It is also important to note that the market dominance of the token is below 1%, and the Volume / Market Cap Ratio is 0.2048. At the time of writing, the token is 68.32% low from the all-time high witnessed on Oct 28, 2021. The daily candle for the token opened at a price of $0.00002848 and reached a daily high of $0.00002960 from a daily low of $0.00002707.

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Shiba price analysis on the daily chart

The A/D line below shows a spike in the accumulation of the token, which confirms that SHIB price analysis is under the influence of bulls.

SHIB price analysis

Source: TradingView

The MACD indicator saw a bullish divergence which sees the MACD line (blue) break above the signal line (blue).

SHIB price analysis

Source: TradingView

Conclusion

SHIB price analysis for Feb 7, 2022, confirms that the token has outperformed its rival memecoin, DOGE. On the other hand, Dogecoin price analysis for Feb 7 also suggests a short spike in prices. In the month of October, we witnessed SHIB surpass DOGE’s market cap. As seen in our weekly crypto market review, the market has been quite bullish in the past week. It seems that February might be a bullish month for investors. 

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