Shiba Inu jumps 9% in 24 hours: SHIB aims to reach $0.000030 once more

Shiba Inu price analysis for March 1, 2022, confirms that the meme coin has turned bullish with a 9% price surge in just 24 hours. Moreover, the data from our previous SHIB price analysis for February 28 shows that the token rebounded from $0.00002 and now aims to form a support level above $0.000020 while aiming to break the resistance at $0.000030.

The data from CoinMarketCap shows that the trading volume of the token has surged 40.29% in the last 24 hours, followed by an 8.04% surge in the market cap. It is also important to note that the Market Dominance for Shiba Inu rests at 0.74%, while the Volume / Market Cap Ratio stands at a value of 0.1226.

The daily candle for Shiba Inu opened at a price of $0.00002580 and reached a daily high of $0.00002659. Moreover, the daily low for the token stands at a price of $0.00002534. The price of 1 SHIB at the time of writing is $0.00002604. 

Shiba Inu price analysis on the daily chart for March 1

Shiba Inu price analysis for March 1 confirms that the meme token is following a bullish trajectory, and it seems that the Dogecoin Killer has been outperforming DOGE, as seen in our Dogecoin price analysis for March 1.

Source: TradingView

The MACD indicator shows that the signal line continues to progress above the MACD line, which confirms that the bears are still in charge. 

Moreover, the RSI for Shiba Inu reads a value of 49.36 which means that the token might enter the bullish region if SHIB reclaims $0.000030.

The price action remains situated in the lower end of the Bollinger Bands, which means that SHIB might remain bearish.  

Conclusion

Shiba Inu price analysis for March 1 confirms that the meme coin might remain bearish if the token doesn’t break above the $0.000034 price resistance. Furthermore, the chances of SHIB breaking above the $0.000030 are not very high because the volumes already seem to have declined.