Shiba Inu forms 6th consecutive bullish daily candle: $0.00003 next?

Shiba Inu price analysis comes on a bullish note for today as the token forms its 6th consecutive daily bullish candle and chances of the Dogecoin killer breaking the $0.00003 price resistance seem quite high. Moreover, TheCoinRise noted in our SHIB price analysis for March 30, 2022, that the token broke through the 0.000022 price zone and rose by more than 16% in the last 7 days. 

The data from CoinMarketCap shows that the trading volume for SHIB has dropped 12.45% in the last 24 hours, while the market cap of the token has jumped by 1.38% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1028, while the Market Dominance of the token rose to 0.71%. 

The daily candle for Shiba Inu opened at a price of $0.00002745 and reached a daily high of $0.00002809. Moreover, the daily low for the token stands at a price of $0.00002726. The price of 1 SHIB at the time of writing is $0.00002768. 

Shiba Inu price analysis on the daily chart for March 31

Shiba Inu price analysis for March 31 will take into account the different indicators presented on the daily chart.

Source: TradingView

The chances of SHIB breaking out of the upper end of the Bollinger Bands seem quite high as the buying pressure is quite high and the token remains in demand among the investors. 

The RSI indicator for Shiba Inu reads a value above 65 which means that the chances of higher prices are quite favorable as the gradient of the line suggests that the demand for the meme coin among investors is quite high. 

The MACD indicator confirms that the MACD line and the signal line are very close to each other but the blue line is above the orange which means that the bulls will remain in control. 

Conclusion

The Shiba Inu price analysis for March 31, 2022, ends on a bullish note for the token as the chances of breaking $0.00003 seem considerable.