Shiba Inu reclaims $0.000024: Down more than 10% in 7 days

Shiba Inu price analysis for March 9, 2022, confirms that the meme coin has not been killing it as it used back in 2021. It is important to note that the token is nearly 72.85% low than the all-time high witnessed on Oct 28, 2021, at a price of $0.00008845. Also, TheCoinRise noted in our SHIB analysis for March 8, 2022, the token jumped from $0.000022 which is now a support region. 

The data from CoinMarketCap shows that the trading volume for Shiba Inu has declined by nearly 7.52%, while the market cap of the token has shot up by 3.3% in the last 24 hours. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06099, while the Market Dominance of the token dropped to 0.72%.

The daily candle for Shiba Inu opened at a price of $0.00002291 and reached a daily high of $0.00002423. Moreover, the daily low for the token stands at a price of $0.00002287. The price of 1 SHIB at the time of writing is $0.00002395. 

Shiba Inu price analysis on the daily chart for March 9

Shiba Inu price analysis for March 9 uses 3 major indicators on the daily chart that will help us determine the future price action for SHIB.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and the chances of a bearish or bullish divergence are high. The market is in a stalemate.

The RSI indicator shows a value of 45.44 which means that bears are still in control of the price action. It is also important to note that the gradient of the line negative for today hints that higher prices are possible. 

The price action is situated in the lower end of the Bollinger Bands although we see two consecutive bullish daily candles towards the middle zone of the Bands. 

Conclusion

Shiba Inu price analysis on the daily chart for March 9, 2022, confirms that the $0.000022 is now support as SHIB aims for higher prices.