Shiba Inu price action drops below $0.000023 as lower prices might follow

Shiba Inu price analysis for April 12, 2022, confirms that the token might see lower prices in the coming days as the price action has lost the $0.000023 price support. Furthermore, the SHIB price trajectory is currently stuck in a downtrend and we can also confirm that the Dogecoin killer trying its hardest to hold prices above the $0.000023 price region and also, maintain the 15th position in the crypto space. The SHIB price analysis for April 11, 2022, confirmed that the token broke above $0.000025 but failed to retain prices.

The data from CoinMarketCap shows that the trading volume for SHIB has jumped 19.45% in the last 24 hours, while the market cap of the token has dropped by 7.07% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06051, while the Market Dominance of the token dropped to 0.67%. 

The daily candle for Shiba Inu opened at a price of $0.00002217 and reached a daily high of $0.00002288. Moreover, the daily low for the token stands at a price of $0.00002191. The price of 1 SHIB at the time of writing is $0.00002287. 

Shiba Inu price analysis on the daily chart for April 12

Shiba Inu price analysis for April 12 will take into consideration the data from the chart below which will help us track the price action for the short term.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are moving far apart following a bearish divergence witnessed earlier. 

The RSI indicator reads a value below 43 which confirms that the bears are currently in overall control and the gradient of the line confirms that lower prices are possible. 

The price action for Shiba Inu aims to break out of the lower end of the Bollinger Bands as well. 

Conclusion

The Shiba Inu price analysis for April 12, 2022, ends on a bearish note for the token as the chances of losing $0.000023 are high.