Shiba Inu (SHIB) rebounds from $0.00002856 support, time to moon?

Shiba Inu price analysis comes with a sluggish analysis for Feb 14 as the token has rebounded from its support of $0.00002856. It seems that the token failed to make a move above the major resistance present at $0.000034 and has since then been bearish. However, it is also true that the token has outperformed many altcoins in the month of Feb, as seen in our SHIB price analysis for Feb 7. 

The data from CoinMarketCap shows that the trading volume of the meme coin surged 53.58% in the last 24 hours, followed by a 1.34% surge in the market cap. Moreover, the Market Dominance of SHIB stands at 0.88%, while the Volume / Market Cap Ratio has a value of 0.139. 

The daily candle for Shiba Inu opened at a price of $0.00003013 and went to a daily high of $0.00003084. Moreover, the daily low for the meme coin stands at $0.00002860. It is also important to note that the price of 1 SHIB at the time of writing is $0.00003015.

Shiba Inu price analysis on the daily chart

The daily chart for Shiba Inu below shows that the RSI line is still in the bullish zone, i.e., above 50. This means that bulls are in charge.

Source: TradingView

The MACD indicator below shows that the MACD line (above) is above but closer to the signal line (orange). If the blue line breaks below the orange line, we will see a bearish divergence. However, for that to happen, support at $0.00002856 must break.

Source: TradingView

The price action is still in the upper end of the Bollinger Bands, which confirms that the bulls are still in control. The bulls might once again attempt to break from the upper end of the Bands.

Source: TradingView

Conclusion

Shiba Inu price analysis on Feb 14 can be concluded on a sluggish note for the day. However, in a slightly longer term, the bulls are still in charge, and higher prices are definitely possible.