Shiba Inu moves deeper into the $0.000024 price level as trading volume nearly doubles

Shiba Inu price analysis for March 24, 2022, comes on a bullish note for the Dogecoin Killer which has surged more than 6% in the last 24 hours followed by a huge surge in trading volume as well. However, the token remains in the 15th position in the market despite a surge in the market which means that SHIB is being dominated by its rival meme coin, Dogecoin, as noted in our DOGE price analysis for today. 

The data from CoinMarketCap shows that the trading volume for SHIB has jumped 75.65% in the last 24 hours, while the market cap of the token has jumped by 5.78% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.1049, while the Market Dominance of the token rose to 0.69%. 

The daily candle for Shiba Inu opened at a price of $0.00002441 and reached a daily high of $0.00002490. Moreover, the daily low for the token stands at a price of $0.00002404. The price of 1 SHIB at the time of writing is $0.00002475. 

Shiba Inu price analysis on the daily chart for March 24

Shiba Inu price analysis for March 24 will take into consideration the readings from the following indicators in the crypto space.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are moving far apart with the former moving above the latter confirming that the bulls are in control.

The RSI indicator reads a value above 54 which means that the bears and the bulls continue their struggle for control over the price trajectory of Shiba Inu. The gradient of the line suggests that higher prices are possible today.

The price action is testing the upper end of the Bollinger Bands in order to confirm a bullish breakout of prices for SHIB. 

Conclusion

The Shiba Inu price analysis for March 24, 2022, confirms that the chances of SHIB breaking into $0.000025 are relatively high.