Shiba Inu maintains prices above $0.000026 but for how long?

Shiba Inu price analysis for April 5, 2022, begins on a slightly bullish note for the meme coin which has shown a minor 1% in the last 24 hours and has been outperformed by its rival meme coin, Dogecoin. On the other hand, the Shiba Inu price analysis for April 4, 2022, confirmed that the token has a strong tendency to turn bullish but is unable to do so due to lack of volume. 

The data from CoinMarketCap shows that the trading volume for SHIB has surged 9.44% in the last 24 hours, while the market cap of the token has surged by 0.73% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06978, while the Market Dominance of the token rests at 0.68%. 

The daily candle for Shiba Inu opened at a price of $0.00002645 and reached a daily high of $0.00002689. Moreover, the daily low for the token stands at a price of $0.00002638. The price of 1 SHIB at the time of writing is $0.00002679. 

Shiba Inu price analysis on the daily chart for April 5

Shiba Inu price analysis for April 5 will consider the data presented on the daily chart below which includes 3 of the biggest indicators in the technical analysis space.

Source: TradingView

The RSI indicator shows a value above 58 which means that the bulls are in charge. Furthermore, the gradient of the line suggests that sluggish prices might follow. 

The MACD indicator shows that the MACD line and the signal line are closing in on each other. It can be confirmed that a bearish divergence for Shiba Inu is possible. 

The price action for SHIB is currently situated in the upper end of the Bollinger Bands which means that we can expect higher prices soon.

Conclusion

The Shiba Inu price analysis for April 5, 2022, confirms that the meme coin has the potential of breaking into the $0.000030 but volume for the token lacks.