Shiba Inu continues back and forth movement as SHIB reclaims $0.000026

Shiba Inu price analysis comes on a bearish note for today as the meme coin aims to break above the $0.000026 price region. It is also important to note that the SHIB price analysis for April 5, 2022, noted that the Dogecoin killer has been quite bearish since reaching all-time highs in the month of October 2021. Furthermore, we can also see that the major resistance for the token stands at $0.000027. The $0.000025 price region has retained resistance. 

The data from CoinMarketCap shows that the trading volume for SHIB has surged 74.24% in the last 24 hours, while the market cap of the token has dropped by 1.93% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1234, while the Market Dominance of the token rose to 0.69%. 

The daily candle for Shiba Inu opened at a price of $0.00002675 and reached a daily high of $0.00002683. Moreover, the daily low for the token stands at a price of $0.00002522. The price of 1 SHIB at the time of writing is $0.00002605. 

Shiba Inu price analysis on the daily chart for April 6

Shiba Inu price analysis for April 6 will take into account the data from the chart below which consists of 3 major indicators in the field of technical analysis.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are close to each other as chances of a bearish divergence seem high for now. 

Furthermore, the RSI indicator reads a value above 54 which means that the bears are gaining ground while the gradient of the line suggests that lower prices might be seen for Shiba Inu in the near future. 

The price action for Shiba Inu is situated in the upper end of the Bollinger Bands but a gradual drop to the lower end might suggest lower prices.

Conclusion

Shiba Inu price analysis for April 6, 2022, confirms that the chances of SHIB losing the $0.000025 price support seem high for now.