Shiba Inu has potential of rallying further: SHIB indicators remain bullish

Shiba Inu price analysis for Feb 16, 2022, can be classified as sluggish. It is a fact that the token hasn’t been much active lately. As per our SHIB price analysis for Feb 15, 2022, the token surged by nearly 7% in 24 hours, outperforming a number of altcoins and other meme coins like Dogecoin.

The data from CoinMarketCap shows that the current market rank of the token is 14, while the trading volume of the token declined by 18.27% in the last 24 hours. Moreover, the market cap of the token declined 2.54% in the same duration. Furthermore, the Market Dominance of the token rests at 0.85%, while the Volume / Market Cap Ratio currently stands at a value of 0.08352.

The daily candle for SHIB opened at a price of $0.00003125 and reached a daily high of $0.00003127. On the other hand, the daily low for the token stands at $0.00002990, while the price of 1 Shiba Inu token at the time of writing is $0.00003094. 

Shiba Inu price analysis on the daily chart

In the daily chart below, we have used three major technical indicators, which indicate that the future of the meme coin is definitely bullish.

Source: TradingView

Shiba Inu price analysis on the daily chart shows that the price action is still in the upper end of the Bollinger Bands, which means that if the token breaks above $0.000034, it might break out of the upper end of the Bands.

The price action is still situated in the upper area of the RSI, which means that the buying pressure is winning over the selling pressure. The line currently reads 59.14, and it is possible that the meme coins soon break into an uptrend.

The Shiba Inu price analysis on the daily chart using the MACD indicator shows that the MACD line (blue) continues to progress above the signal line (orange), and if the current resistance at $0.000034 doesn’t break, we might witness a bearish divergence.

However, TheCoinRise is bullish on Shiba Inu for the long term, and this is a good time to buy the meme coin.