Shiba Inu continues below $0.00003: SHIB holders getting impatient?

Shiba Inu price analysis for Feb 28, 2022, begins on a sluggish note for the token as the meme coin remains below the important price level of $0.00003. However, it is also important to note that as per our SHIB price analysis for Feb 25, the token rebounded from the $0.00002 price level and now aims to form a support level in the region. 

The data from CoinMarketCap shows that the trading volume of the token has surged 25.61% in the last 24 hours, followed by a 0.91% drop in the market cap. It is also important to note that the Market Dominance for Shiba Inu rests at 0.76%, while the Volume / Market Cap Ratio stands at a value of 0.09482.

The daily candle for Shiba Inu opened at a price of $0.00002343 and reached a daily high of $0.00002422. Moreover, the daily low for the token stands at a price of $0.00002280. The price of 1 SHIB at the time of writing is $0.00002398. 

Shiba Inu price analysis on the daily chart for Feb 28

Shiba Inu price analysis for Feb 28 confirms that the meme token is following a bearish trajectory, and there are chances that this scenario might continue if SHIB doesn’t reclaim $0.000030.

Source: TradingView

MACD line remains above the signal line, which means that bears are in control. However, the two lines are very close to each other, which means that either can gain an advantage. 

The RSI line reads a value of 42.51, which is very close to the neutral level. If the token breaks above 50, we can expect a bullish outburst for Shiba Inu. 

The price action belongs to the lower end of the Bollinger Bands, which means that the bears might make an attempt to breach the lower end of the Bands, leading to a price crash. 

Conclusion

Shiba Inu price analysis for Feb 28 can be concluded on a bearish note for the token with a vital resistance at $0.000030.