Shiba Inu fails to push into $0.00003 price level despite surge in trading volume

Shiba Inu price analysis for March 29, 2022, confirms that the token is following a bearish trajectory on the whole but investors have witnessed a bullish price action in the past 2 weeks. Also, as noted in our SHIB price analysis for March 28, we might witness a move past the $0.000030 once again but if the prices don’t above this region, an uptrend cannot be confirmed for the Dogecoin Killer. 

The data from CoinMarketCap shows that the trading volume for SHIB has surged 228.31% in the last 24 hours, while the market cap of the token has jumped by 4.43% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.2516, while the Market Dominance of the token rose to 0.71%. 

The daily candle for Shiba Inu opened at a price of $0.00002652 and reached a daily high of $0.00002815. Moreover, the daily low for the token stands at a price of $0.00002644. The price of 1 SHIB at the time of writing is $0.00002744. 

Shiba Inu price analysis on the daily chart for March 29

Shiba Inu price analysis for March 29 will take into consideration the readings from 3 of the biggest indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line is nearly touching the signal line which means that traders can either witness a bearish divergence or a bullish one. It all depends on the demand for the Shiba Inu token. 

The RSI indicator reads a value above 64 which means that the buying pressure is defeating the selling pressure for now but we should wait for more. 

The price action for the SHIB token attempted a clear breakout from the upper end of the Bollinger Bands but the chances of a successful breakout seem low because of the $0.00003 resistance. 

Conclusion

Shiba Inu price analysis for March 29, 2022, ends on a bullish note for the token as chances of losing breaking $0.00003 seem high.