Shiba Inu drops 4% in 24 hours: Buy more and HODL?

Cryptocurrency Price analysis and Prediction

March 03, 2022

Cryptocurrency Price analysis and Prediction

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Shiba Inu price analysis for March 3, 2022, confirms that the token has turned bearish as the meme coin has dropped more than 4% in the last 24 hours. Moreover, as noted in our SHIB price analysis for March 2, 2022, the meme coin has been performing quite sluggishly in the past few days as compared to the other altcoins. However, the token retains its position as the 14th biggest crypto in the space.

The data from CoinMarketCap shows that the trading volume of the token has dropped 42.66% in the last 24 hours, followed by a 3.08% drop in the market cap. It is also important to note that the Market Dominance for Shiba Inu dropped to 0.74%, while the Volume / Market Cap Ratio stands at a value of 0.08299.

The daily candle for Shiba Inu opened at a price of $0.00002591 and reached a daily high of $0.00002618. 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 $0.00002555.

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Shiba Inu price analysis on the daily chart for March 3

Shiba Inu price analysis for March 3 confirms that the meme token is following a bearish trajectory, and at the time of writing, the token is 70.96% low from the all-time high.

Source: TradingView

The RSI line reads a value of 47.77 while the gradient of the line is negative, which means that lower prices are possible.

The MACD indicator shows that the MACD line is touching the signal line, and if the bears continue to dominate, we might see SHIB drop further.

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The price action is resting in the middle zone of the Bollinger Bands, which means that this is a critical point for the meme coin.

Conclusion

Shiba Inu price analysis for March 3, 2022, can be confirmed on a bearish note as means lower prices are possible, and SHIB might lose $0.000020 price region.