Shiba Inu back below $0.000023: SHIB falls to 15th position

Shiba Inu price analysis for March 10, 2022, confirms that the token has failed to break above the $0.000023 price level and make a move towards the $0.000025 price level. It is also important to consider the fact that SHIB is currently 73.77% from its all-time high of 0.00008845 USD witnessed on Oct 28, 2021. Moreover, the data from our Shiba Inu price analysis for March 9, 2022, confirmed that the Dogecoin Killer tried to move past $0.000024 but failed.

The data from CoinMarketCap shows that the trading volume for Shiba Inu has shot up by nearly 18.93%, while the market cap of the token has also decreased to 2.82% in the last 24 hours. Moreover, the Volume / Market Cap Ratio stands at a value of 0.07171, while the Market Dominance of the token dropped to 0.71%. The market rank of the token is now 15.

The daily candle for Shiba Inu opened at a price of $0.00002384 and reached a daily high of $0.00002390. Moreover, the daily low for the token stands at a price of $0.00002286. The price of 1 SHIB at the time of writing is $0.00002286. 

Shiba Inu price analysis on the daily chart for March 10

Shiba Inu price analysis for March 10 will make use of readings from 3 of the major indicators in the crypto space on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line remains very close to the signal line while the former is progressing below the latter and bears prevail.

The RSI line reads a value of 42.15 which means that lower prices are possible as the gradient of the line is negative. 

The price action is situated in the lower end of the Bollinger Bands which means that Shiba Inu might break out of the lower end of the Bands, losing the $0.000022 price support.

Conclusion

Shiba Inu price analysis for March 10, 2022, concludes on a bearish note for the token as it failed to retain prices above 0.000023.