Shiba Inu investors not enjoying a bullish outburst: Meme frenzy over?

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Shiba Inu price analysis proves that despite the entire crypto space being bullish with most cryptocurrencies breaking out of their resistance zones, the meme tokens Shiba Inu and Dogecoin haven’t seen much growth, as noted in our Dogecoin price analysis for March 2. Moreover, the previous SHIB analysis from March 1 showed that the token did rise 9% but was unable to push above $0.000030.

The data from CoinMarketCap shows that the trading volume of the token has surged 18.17% in the last 24 hours, followed by a 1.90% surge in the market cap. It is also important to note that the Market Dominance for Shiba Inu rests at 0.75%, while the Volume / Market Cap Ratio stands at a value of 0.1372.

The daily candle for Shiba Inu opened at a price of $0.00002713 and reached a daily high of $0.00002715. Moreover, the daily low for the token stands at a price of $0.00002602. The price of 1 SHIB at the time of writing is $0.00002658. 

Shiba Inu price analysis on the daily chart for March 2

Shiba Inu price analysis for March 2 confirms that the meme token is following a bearish trajectory as it is nearly 69.89% low from the all-time high.

Shiba Inu price analysis

Source: TradingView

The MACD indicator shows that the MACD line is touching the signal line, which means that a bullish divergence is possible, which might cause a surge in prices. 

The RSI line shows a value of 50.84 which means that volatility has decreased, and the gradient of the line is negative, which means that lower prices are possible. 

The price action might not be able to break above the middle zone of the Bollinger Bands, and chances are low of breaking into the bullish zone of the Bands. 

Conclusion

Shiba Inu price analysis for March 2 can be concluded on a bearish note for the meme coin, and indicators show that SHIB might fall below $0.000026.

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