SHIB price analysis: Shiba Inu up 6.6% in 24 hours

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SHIB price analysis for Feb 4 comes with a bullish analysis for the meme coin. It is a general rule of the crypto market that almost every altcoin follows Bitcoin. Moreover, the Bitcoin price analysis for Feb 4 has also been bullish. So, it seems that Shiba Inu is making an attempt to breach the $0.000022 price level. 

The data from CoinMarketCap shows that the trading volume of Shiba Inu soared 15.52% in the last 24 hours, followed by a 6.61% rise in the market cap. It seems that the meme coin has performed quite well today. Furthermore, the vol/market cap ratio of the token stands at a value of 0.04341. 

The SHIB price analysis shows that the daily candle for SHIB opened at a price of $0.00002075 and reached a daily high of $0.00002210 which is a resistance level. Unable to push through, the token dropped to the daily low at $0.00002052.

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SHIB price analysis on the daily chart

SHIB price analysis is bullish as the token holds strong at the 15th position in the market. The Shiba Inu token was recently listed on Kraken, as reported by TheCoinRise, and has seen huge popularity in 2021. 

The RSI on the daily chart below confirms a surge in buying pressure as the line aims to shoot past the 40-mark. If the gradient remains positive, higher prices are definitely possible.

SHIB price analysis

Source: TradingView

The A/D line below shows that SHIB accumulation has been steadily declining. However, it is to be noted that recently, Newegg decided to accept SHIB as payment which means that the hype isn’t yet over.

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SHIB price analysis

Source: TradingView

Conclusion

SHIB price analysis for Feb 4 confirms that there is a huge chance that the meme coin will break $0.000022 very soon. Moreover, the popularity of the Shiba Inu project will increase in the near future with the launch of the Dog Park. Moreover, the CEO of AMC Theatres also confirmed that he is thinking of accepting DOGE as payment.

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