Shiba Inu drops to 14th position after 2% price drop: Further drop expected

Shiba Inu price analysis for March 4, 2022, can be concluded on a bearish note for the meme coin as the token dropped to the 14th position in the crypto space. Furthermore, we also noticed the token drop of 4% on the March 3 SHIB price analysis. It seems that the token is 71.88% low than the all-time high witnessed on October 28, 2021, at a price of 0.00008845 USD. 

The data from CoinMarketCap shows that the trading volume of the token has dropped 14.42% in the last 24 hours, followed by a 2.50% 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 0.07252.

The daily candle for Shiba Inu opened at a price of $0.00002506 and reached a daily high of $0.00002514. Moreover, the daily low for the token stands at a price of $0.00002424. The price of 1 SHIB at the time of writing is $0.00002487. 

Shiba Inu price analysis on the daily chart for March 4

Shiba Inu price analysis for March 4 confirms that the meme token is following a bearish trajectory, and indicators say that investors can expect another bearish drop in the coming days.

Source: TradingView

The MACD indicator confirms that the MACD line continues to progress below the signal line, which means that lower prices will follow in the coming days. 

Moreover, the RSI line has a value of 45.8 which means that the selling pressure is still high. It is also important to note that the gradient of the line is negative, which means that lower prices will be possible today.

The price action has dropped into the lower end of the Bollinger Bands, which means the buyers have failed to take prices higher. 

Conclusion

Shiba Inu price analysis for March 4, 2022, confirms a bearish trajectory for the token, and we might see the token retest $0.000020.