Shiba Inu jumps 4% but the downtrend continues for the ‘Dogecoin Killer’

The Shiba Inu price analysis for March 22, 2022, comes with slightly bullish news for investors as the meme coin has risen more than 4% in the last 24 hours. However, it is important to note that the token remains stuck in a bearish downtrend for the majority of its price trajectory since November 2021. As noted in our SHIB price analysis for March 21, Shiba Inu had made 4% gains in 7 days but now, after the gains in the last 24 hours, the price surge adds up to 8-9%.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped 4.30% in the last 24 hours, while the market cap of the token has jumped by 4.86% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06451, while the Market Dominance of the token has surged to 0.67%. 

The daily candle for Shiba Inu opened at a price of $0.00002293 and reached a daily high of $0.00002402. Moreover, the daily low for the token stands at a price of $0.00002289. The price of 1 SHIB at the time of writing is $0.00002373. 

Shiba Inu price analysis on the daily chart for March 22

Shiba Inu price analysis for March 22 will be using 3 distinct indicators placed on the daily chart to track the prices of SHIB.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line but the two lines are nearly overlapping which means that bears might take control at any moment. 

The RSI indicator shows a reading of 50.36 which means that the Shiba Inu bulls and bears are evenly matched for today.

The Bollinger Bands are quite narrow and the price action and price action are situated in the upper region. Volatility will follow and investors should wait to see which side prices break out.

Conclusion

The Shiba Inu price analysis for March 22 ends on the fact that strong volatility will follow in the near future after weeks of sluggish movement.