Shiba Inu drops to the $0.000024 price level as indicators turn bearish

Shiba Inu price analysis for April 7, 2022, comes on a bearish note for the Dogecoin Killer as well as the indicators also reveal that price action might remain stuck in a bearish trend for a long. Furthermore, the Dogecoin price analysis for April 6, 2022, noted that the token is being dominated by rival memecoin DOGE. TheCoinRise also noted in our Shiba Inu price analysis for April 6, 2022, confirmed that the meme coin was stuck in a back-and-forth movement. 

The data from CoinMarketCap shows that the trading volume for SHIB has surged 74.24% in the last 24 hours, while the market cap of the token has dropped by 1.93% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1234, while the Market Dominance of the token rose to 0.69%. 

The daily candle for Shiba Inu opened at a price of $0.00002435 and reached a daily high of $0.00002479. Moreover, the daily low for the token stands at a price of $0.00002390. The price of 1 SHIB at the time of writing is $0.00002474. 

Shiba Inu price analysis on the daily chart for April 7

Shiba Inu price analysis for April 7 will take into consideration the data from the chart below with three indicators integrated into the chart.

Source: TradingView

The RSI indicator reads a value above 48 which means that the selling pressure is dominating as the buyers have failed to meet the demands of the sellers. 

The MACD indicator confirms a bearish divergence for Shiba Inu which means that investors can expect SHIB to lose $0.000024 as well. 

The price action for the Dogecoin Killer is currently situated in the lower end of the Bollinger Bands, which means that there are chances of another price crash in the near future.

Conclusion

The Shiba Inu price analysis for April 7, 2022, ends on a bearish note for the token as the chances of losing the $0.000024 price region are high.