Shiba Inu price analysis confirms that the token has jumped from $0.000022 meaning that this price level has acted as a support. It is also important to note that the meme coin is getting closer to $0.000020, another major support. The token is still stuck in a downtrend and as per our SHIB analysis for March 7, 2022, the SHIB token has lost the 15th position in the crypto space.
The data from CoinMarketCap shows that the trading volume for Shiba Inu has risen by nearly 27.73%, while the market cap of the token has shot up by 0.49% in the last 24 hours. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06871, while the Market Dominance of the token dropped to 0.74%.
The daily candle for Shiba Inu opened at a price of $0.00002279 and reached a daily high of $0.00002348. Moreover, the daily low for the token stands at a price of $0.00002262. The price of 1 SHIB at the time of writing is $0.00002320.
Shiba Inu price analysis on the daily chart for March 7
Shiba Inu price analysis for March 7 confirms that the meme token remains bearish, and it is very unlikely that the $0.000022 price level will retain as support.
The MACD indicator for Shiba Inu token remains bearish with the signal line progressing above the MACD line and a bearish divergence taking place.
The RSI indicator shows a value of 42.54 and the gradient of the line is positive for today which means higher prices will follow today but the volume is not enough to push through resistance.
The price action for Shiba Inu is situated in the lower end of the Bollinger Bands which means that lower prices will follow if SHIB broke out from the lower end of the Bands.
Conclusion
Shiba Inu price analysis for March 8, 2022, confirms that the token remains bearish as chances of breaking above $0.000023 are very low.
