Shiba Inu drops to 15th position after a 14% price drop: What’s next?

Shiba Inu price analysis for Feb 24, 2022, confirms that the Dogecoin Killer has turned bearish and has dropped to the 15th position in the market. It is to be noted that the SHIB price analysis for Feb 23 showed the onset of a bullish trajectory for the token, but it was short-lived. It is to be noted that the important price support for the token is $0.000020.

The data from CoinMarketCap shows that the trading volume for Shiba Inu surged 94.64% in the last 24 hours followed by a 13.93% drop in the market cap. Moreover, the meme coin is currently 74.93% low from its all-time high of 0.00008845 USD witnessed on Oct 28, 2021.

The Market Dominance of Shiba Inu rests at 0.77% while the Volume / Market Cap Ratio has a value of 0.2095. The daily candle for SHIB opened at $0.00002486 and reached a daily high of $0.00002512. Moreover, the daily low for the token stands at $0.00002071. The price of 1 SHIB at the time of writing is $0.00002199. 

Shiba Inu price analysis on the daily chart for Feb 24

Shiba Inu price analysis for Feb 24 will be implemented using 3 major indicators on the daily chart that have been used for a long time for the prediction of prices for assets.

Source: TradingView

The MACD indicator shows that the MACD line (blue) is very close to the signal line (orange), which means that the prices can break out anytime. However, the bulls are in control overall as the MACD histogram remains bearish. 

The RSI line reads 36.65 which means that the sellers are in control of the market movement. The gradient of the line is negative, which means that lower prices are possible. 

The price action is breaking out of the lower end of the Bollinger Bands, and if successfully implemented, Shiba Inu might break below $0.000020.

Conclusion

Shiba Inu price analysis can be concluded on a bearish note, and investors can expect SHIB to break below $0.000020 in the coming days.