Shiba Inu once again drops below $0.000024: What’s next?

Shiba Inu price analysis for April 18, 2022, ends on a bearish note for the token with high chances of dropping out of the top 15 biggest cryptocurrencies in the crypto space. Furthermore, the token had made amazing gains in 2021 but it seems that similar gains won’t be seen once again as the market remains stuck in a bearish downtrend. The Shiba Inu price analysis for April 15, 2022, noted that the nearest resistance for SHIB stood at $0.000026 which the token wasn’t able to conquer.

The data from CoinMarketCap shows that the trading volume for SHIB has jumped 67.64% in the last 24 hours, while the market cap of the token has dropped by 6.80% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04143, while the Market Dominance of the token dropped to 0.73%. 

The daily candle for Shiba Inu opened at a price of $0.00002464 and reached a daily high of $0.00002505. Moreover, the daily low for the token stands at a price of $0.00002362. The price of 1 SHIB at the time of writing is $0.00002407. 

Shiba Inu price analysis on the daily chart for April 18

Shiba Inu price analysis for April 18 will take into consideration the data from the daily chart below which has a few of the biggest indicators integrated into it.

Source: TradingView

The RSI indicator reads a value below 46 which confirms that the bears are holding strong and bulls are being driven out of the market.

The MACD indicator shows that the signal line continues to dominate while the two lines are very close to each other showing continuous struggle.

The price action for Shiba Inu is situated in the lower end of the Bollinger Bands and investors can expect a bearish breakout for the meme coin.

Conclusion

Based on the readings from the indicators used in our Shiba Inu price analysis for April 18, it can be confirmed that $0.000024 won’t hold.