Shiba Inu fails to reclaim $0.000022 as retracement towards $0.000020 seems likely

Shiba Inu price analysis for March 15, 2022, confirms that the Dogecoin killer has been chased out of the top 10 list and is right now fighting for its position in the top 15 cryptocurrencies in the crypto space. Moreover, as noted in our SHIB price analysis for March 14, 2022, there is a jumpy ride ahead for SHIB investors. It is also important to note that SHIB failed to reclaim $0.00022. 

The data from CoinMarketCap shows that the trading volume for Shiba Inu stands at $662 billion, while the market cap of the token has decreased by 2.57% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.05636, while the Market Dominance of the token remains at 0.69%. 

The daily candle for Shiba Inu opened at a price of $0.00002203 and reached a daily high of $0.00002212. Moreover, the daily low for the token stands at a price of $0.00002124. The price of 1 SHIB at the time of writing is $0.00002142. 

Shiba Inu price analysis on the daily chart for March 15

Shiba Inu price analysis for March 15 brings a bearish analysis based on the readings for the following 3 indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other which confirms that volatility in the crypto market has died. 

Moreover, the RSI level for Shiba Inu reads a value of 38.87 which means that bears are in control overall. Moreover, the gradient of the line is negative which means lower prices are possible. 

The price action is about to break out from the lower end of the Bollinger Bands if selling volume surges. It can be expected that a bearish volatile period might follow soon.

Conclusion

The Shiba Inu price analysis for March 15, 2022, confirms that SHIB might continue on its bearish path as chances of losing $0.000021 are high.