Shiba Inu drops 4% in 24 hours: HODLers have a bumpy ride ahead

Shiba Inu price analysis for March 11, 2022, comes riding on a bearish bicycle for the token as the meme coin remains bearish dropping 4% in the last 24 hours. It is also important to note that the chances of SHIB turning bullish once again are very low as the entire market seems to have been affected by bearish sentiment. On the other hand, our SHIB price analysis from March 10, 2022, confirmed that SHIB fell to the 15th position in the market. 

The data from CoinMarketCap shows that the trading volume for Shiba Inu has dropped nearly 19.78%, while the market cap of the token has also decreased by 3.33% in the last 24 hours. Moreover, the Volume / Market Cap Ratio stands at a value of 0.0607, while the Market Dominance of the token dropped to 0.70%. 

The daily candle for Shiba Inu opened at a price of $0.00002260 and reached a daily high of $0.00002263. Moreover, the daily low for the token stands at a price of $0.00002187. The price of 1 SHIB at the time of writing is $0.00002205. 

Shiba Inu price analysis on the daily chart for March 11

Shiba Inu price analysis for March 11 will make use of the 3 major indicators in the crypto space that can be seen on the chart below.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and the chances of a bearish breakout are very high. 

Moreover, the Shiba Inu RSI shows a value of 39.9 which means bears are in control as the gradient of the line is also negative for today.

The price action is situated in the lower end of the Bollinger Bands which means that a bearish breakout from the lower end is possible.

Conclusion

Shiba Inu price analysis for March 11, 2022, can be concluded on a bearish note for the meme coin and indicators say that more fall is to come.