Shiba Inu bulls hold price action above $0.000024: What to expect?

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Shiba Inu price analysis for April 11, 2022, confirms that the Dogecoin Killer might be facing strong resistance at the $0.000025 price level. However, it is also important to note that the meme coin is holding strong support at the $0.000024 price region which might be broken if the selling pressure continues to increase. It is also important to note that as per our Shiba Inu price analysis for April 8, 2022, the token broke above $0.000025 but failed to retain prices.

The data from CoinMarketCap shows that the trading volume for SHIB has jumped 18.14% in the last 24 hours, while the market cap of the token has dropped by 0.85% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04704, while the Market Dominance of the token rose to 0.69%. 

The daily candle for Shiba Inu opened at a price of $0.00002446 and reached a daily high of $0.00002463. Moreover, the daily low for the token stands at a price of $0.00002410. The price of 1 SHIB at the time of writing is $0.00002435. 

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Shiba Inu price analysis on the daily chart for April 11

Shiba Inu price analysis for April 11 will consider the readings from the indicators below which are integrated into the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are moving apart as the signal line dominates the former line. Furthermore, the histogram has also turned bearish.

The RSI indicator reads a value below 47 which means that the bears are currently in control of the price action and the chances of losing $0.000024 are considerable.

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The price action on the daily chart for Shiba Inu has dropped to the lower region of the Bollinger Bands confirming that lower prices can be expected.

Conclusion

Shiba Inu price analysis confirms that the chances of SHIB losing the $0.000024 are not extremely high but considerable.

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