Shiba Inu breaks below $0.00003 support: SHIB’s bullish trend over?

Shiba Inu prices have broken below the $0.000030 support, but indicators show that price action is still bull. So, what's next?
Shiba Inu prices have broken below the $0.000030 support, but indicators show that price action is still bull. So, what's next?

Shiba Inu price analysis for Feb 18, 2022, confirms that the meme coin has failed to maintain a $0.00003 price level as a support area and now has fallen below it. As predicted in our SHIB price analysis for Feb 17, 2022, the token suddenly dropped more than 5% in nearly 24 hours. For today, the token remains sluggish. 

The data from CoinMarketCap shows that the trading volume of the token surged 67.54% in the last 24 hours, followed by a 5.31% drop in the market cap. Moreover, the Volume / Market Cap Ratio currently stands at 0.1326 while the Market Dominance stands at 0.86%. 

The daily candle for Shiba Inu opened at a price of $0.00002820, while the daily high for the token stands at a price of $0.0002929. Meanwhile, the daily low for the token stands at $0.00002784. Furthermore, the price of 1 SHIB at the time of writing is $0.00002900. 

Shiba Inu price analysis for Feb 18, 2022, on the daily chart

Shiba Inu price analysis is implemented using 3 major indicators, which are represented on the chart below.

Shiba Inu price analysis
Source: TradingView

The RSI indicator shows that the prices of Shiba Inu are still in the bullish region as the RSI line reads 53.11. Furthermore, the gradient of the line is negative overall. However, a short positive was witnessed today, which means that prices might attempt to break $0.000030 but might not succeed. 

The MACD indicator shows that the MACD line (blue) is very close to the signal line (orange), which means that there is a huge possibility that SHIB might witness a bearish divergence, which would lead to lower prices. 

The price action rebounded from the middle zone of the Bollinger Bands and continued to rest in the upper end of the Bands. It is to be noted that the price action is still bullish for the token. 

Conclusion

Shiba Inu price analysis for Feb 18, 2022, can be ended on a bearish note as the support of $0.00003 has been lost. However, all hope is not lost for the meme coin.

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