Shiba Inu fails to break out of $0.000022 price resistance as price action remains uncertain

Shiba Inu price analysis for March 16, 2022, brings a sluggish prediction for the Dogecoin Killer which is actually fighting for its position in the top 15 cryptocurrencies in the crypto space. The nearest resistance for the token stands at a price of $0.000022 which remains strong and the prices have failed to breach above it for quite some time. Moreover, our SHIB price analysis for March 15 noted that a retracement towards $0.000020 is possible. 

The data from CoinMarketCap shows that the trading volume for Shiba Inu has surged 2.81% in the last 24 hours, while the market cap of the token has jumped by 0.94% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05589, while the Market Dominance of the token has dropped to 0.67%. 

The daily candle for Shiba Inu opened at a price of $0.00002161 and reached a daily high of $0.00002236. Moreover, the daily low for the token stands at a price of $0.00002152. The price of 1 SHIB at the time of writing is $0.00002204. 

Shiba Inu price analysis on the daily chart for March 16

Shiba Inu price analysis for March 16 will be implemented using 3 major indicators in the crypto space.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other but the latter is dominating the former and the MACD histogram is also bearish. 

Moreover, the RSI reads a value of 41.61 which means that the bears are in control of the price action. The gradient of the line suggests that sluggish prices will continue in the near future. 

The price action is situated in the lower end of the Bollinger Bands which means that a bearish breakout is possible for Shiba Inu in the near future.

Conclusion

Shiba Inu price analysis for March 16 confirms that the meme coin might be pushed out of its position in the top 15 as chances of retaining $0.000022 are low.