Shiba Inu price analysis for April 8, 2022, comes on a slightly bullish note for the Dogecoin Killer as bulls were able to push above the $0.000025 price level, and now, the price action for the meme coin aims to turn this into a region of support. In the last 24 hours, we have seen SHIB rise slightly, but overall, we can see that the token is still stuck in a downtrend. Furthermore, the SHIB token has been holding support at the $0.000024 price region, as noted by TheCoinRise in our SHIB price analysis for April 7, 2022.
The data from CoinMarketCap shows that the trading volume for SHIB has dropped 44.82% in the last 24 hours, while the market cap of the token has surged by 0.65% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04431, while the Market Dominance of the token dropped to 0.68%.
The daily candle for Shiba Inu opened at a price of $0.00002479 and reached a daily high of $0.00002516. Moreover, the daily low for the token stands at a price of $0.00002468. The price of 1 SHIB at the time of writing is $0.00002514.
Shiba Inu price analysis on the daily chart for April 8
Shiba Inu price analysis for April 8 will take into account the data from the chart below, which includes the major indicators integrated into the chart itself.
The Shiba Inu token RSI reads a value of 50 which means that the bulls and the bears are evenly matched, for now, indicating sluggish price action.
The MACD indicator confirmed a bearish divergence on the daily chart today, which means a surge in selling pressure.
The price action is retesting the middle zone of the Bollinger Bands, and if successfully, we might see SHIB once again in the bullish region.
Conclusion
Shiba Inu price analysis for April 8, 2022, ends on a sluggish note for the token as it holds above $0.000025.
