Shiba Inu plans to reclaim $0.000025: Buy or sell?

Shiba Inu price analysis for April 22, 2022, ends on a bearish note for the token with considerable chances of reclaiming the $0.000025.
Shiba Inu price analysis for April 22, 2022, ends on a bearish note for the token with considerable chances of reclaiming the $0.000025.

Shiba Inu price analysis for April 22, 2022, comes on a bearish note for the meme coin, which currently is the 15th biggest cryptocurrency in the crypto space despite a 72.20% drop from the all-time high witnessed on October 28, 2021. Furthermore, as noted in our SHIB price analysis for April 21, 2022, the token had held support at the $0.000025 price region, but in the last 24 hours, the SHIB token lost this support which means that the fight between the bulls and the bears might continue. 

The data from CoinMarketCap shows that the trading volume for SHIB has dropped 6.65% in the last 24 hours, while the market cap of the token has dropped by 1.34% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.03961, while the Market Dominance of the token rose to 0.72%. 

The daily candle for Shiba Inu opened at a price of $0.00002431 and reached a daily high of $0.00002467. Moreover, the daily low for the token stands at a price of $0.00002419. The price of 1 SHIB at the time of writing is $0.00002453.

Shiba Inu price analysis on the daily chart for April 22

Shiba Inu price analysis for April 22 will take into consideration the data from the indicators integrated into the daily chart below.

Shiba Inu price analysis
Source: TradingView

The RSI indicator reads a value below 48 which means that the buying pressure is gradually fading away for Shiba Inu. The gradient of the line is turning slightly positive. 

The MACD indicator shows that the signal line is very close to the MACD line, but the bears are still dominating. 

The SHIB price action is situated in the bearish zone of the Bollinger Bands, but chances of breaking the middle zone of the Bands still seem considerable. 

Conclusion

Shiba Inu price analysis for April 22, 2022, ends on a bearish note for the token with considerable chances of reclaiming the $0.000025.

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