SHIB, one of the most popular meme coins, has attracted a number of investors in recent days. In the last 24 hours, the token has fallen by more than 5%. However, it is also important to note that the token has been up by nearly 46% in the last 7 days. Investors can note that the performance of Shiba Inu has been extraordinary, as in 2021, the token tripled its value in 1 week.
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The data from CoinMarketCap shows that the trading volume of the token dropped 6.04% in the last 24 hours, followed by a 5.62% drop in the market cap. Moreover, the Volume / Market Cap Ratio currently stands at 0.1426 while the Market Dominance stands at 0.86%.
The daily candle for SHIB opened at a price of $0.00003083 and reached a daily high of $0.00003143. However, the daily low for the token stands at $0.00002986. The price of 1 SHIB at the time of writing is $0.00003099.
SHIB price analysis on the daily chart
SHIB price analysis on the daily chart shows that the MACD line (blue) continues to progress above the signal line (orange), which means that there are chances of higher prices in the coming days.
The RSI line shows that SHIB is currently under the influence of bulls, and higher prices might follow in the near future. The high has continued to make higher highs, and the value of RSI is 61.21.
The price action broke out of the Bollinger Bands for a few candles, but now, it seems that the bulls were unable to push SHIB higher. Hence, prices seem to be quite sluggish for the day.
Conclusion
SHIB price analysis for Feb 11, 2022, can be concluded on a sluggish note. However, the indicators are bullish overall, and with the listing on Kraken and Newegg’s adoption of Shiba Inu, the meme coin might retry to gain a position among the top 10 cryptocurrencies in the market.
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