Shiba Inu retains prices above $0.000025: Expect a bullish wave soon?

Shiba Inu price analysis for April 20, 2022, comes on a bearish note for the token which means that the chances of making higher highs seem considerable. Moreover, we have also seen SHIB retain support at $0.000025 and if this price region continues to hold, we might see SHIB at the $0.000030 price region as well. As noted in our SHIB price analysis for April 19, 2022, the token has major resistance at the $0.000026 as bulls tried to consolidate above this region but failed to do so. 

The data from CoinMarketCap shows that the trading volume for SHIB has dropped 14.69% in the last 24 hours, while the market cap of the token has jumped by 0.35% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.03821, while the Market Dominance of the token dropped 0.72%. 

The daily candle for Shiba Inu opened at a price of $0.00002542 and reached a daily high of $0.00002546. Moreover, the daily low for the token stands at a price of $0.00002480. The price of 1 SHIB at the time of writing is $0.00002520.

Shiba Inu price analysis on the daily chart for April 20

Shiba Inu price analysis for April 20 will take into consideration the data from the indicators integrated into the daily chart below.

Source: TradingView

The RSI indicator reads a value at 50 which confirms that the bears and the bulls are evenly matched right now and we can expect sluggish movement.

The MACD indicator shows that the signal line is very close to the MACD line which means that a bullish divergence might be witnessed if Shiba Inu moves further up.

The SHIB price action is situated in the lower end of the Bollinger Bands but it is currently retesting the middle zone of the Bands, trying to break into the bullish zone.

Conclusion

Shiba Inu price analysis for April 20, 2022, ends on a sluggish note for SHIB as major resistance is faced at $0.000026.