Shiba Inu not looking good on the daily chart but remains above $0.000020

Shiba Inu price analysis for March 14, 2022, shows us that the $0.000021 price level is a very important support for the meme coin. It is also important to note that the nearest resistance for the SHIB token was found at the $0.000023-$0.000025 price zone. TheCoinRise noted in our SHIB price analysis for March 11, 2022, confirmed that there is a jumpy ride ahead for the SHIB holders. 

The data from CoinMarketCap shows that the trading volume for Shiba Inu has surged 82.15% in the last 24 hours, while the market cap of the token has decreased by 1.50% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06148, while the Market Dominance of the token remains at 0.70%. 

The daily candle for Shiba Inu opened at a price of $0.00002150 and reached a daily high of $0.00002247. Moreover, the daily low for the token stands at a price of $0.00002128. The price of 1 SHIB at the time of writing is $0.00002197. 

Shiba Inu price analysis on the daily chart for March 14

Shiba Inu price analysis for March 14 confirms that the investors in the meme coin are stuck as prices have remained sluggish for weeks.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and the former is below the latter. The MACD histogram is also quite bearish.

The RSI indicator shows a value of 40.57 and the gradient of the line is also slightly positive. This means that for today, we might see higher prices for SHIB.

The price action for Shiba Inu is situated in the lower end of the Bollinger Bands as the meme coin is on the verge of a bearish breakout. 

Conclusion

Shiba Inu price analysis for March 14 confirms that the chances of SHIB losing $0.000021 as a support level are fairly high. However, the indicators suggest that the possibility of a retest of $0.000023 cannot be ruled out.