Shiba Inu shoots up by nearly 8%: SHIB aims for $0.000030 once more

Shiba Inu price analysis for Feb 21, 2022, confirms a bullish trajectory being followed by the meme coin, which has surged nearly 8% in the last 24 hours. Moreover, investors can expect a bullish run towards $0.00003 if the bullish sentiment continues. It is also important to note that in our SHIB analysis for Feb 18, we saw the token dip below this important price level.

The data from CoinMarketCap shows that the trading volume of the token surged 13.14% in the last 24 hours followed by a 7.06% surge in the market cap. Moreover, the Volume / Market Cap Ratio has a value of 0.08785 while the Market Dominance of the token rests at 0.84%. 

The daily candle for Shiba Inu opened at a price of $0.00002547 and reached a daily high of $0.0002755. Furthermore, the daily low for the token stands at a price of $0.0002525. Moreover, the price of 1 SHIB at the time of writing is $0.0002724.

Shiba Inu price analysis for Feb 21 on the daily chart

Our Shiba Inu price analysis for Feb 21, 2022, will include 3 major indicators on the daily chart which are very important in predicting the future movement.

Source: TradingView

The RSI indicator shows that the token aims to re-enter the bullish zone and currently reads 49.01. The gradient of the line is slightly positive which means that higher prices are possible for today. 

The MACD indicator shows that the MACD line (blue) has broken below the signal line (orange) which confirms a bearish divergence. Moreover, the MACD histogram is also bearish. 

The prices action is also testing the middle zone of the Bollinger Bands which means that it is possible for prices to turn bullish in the coming days. 

Conclusion

Shiba Inu has turned bullish following a huge surge in buying pressure. Meanwhile, the indicators are also bullish for the token. But, it is important to note that SHIB needs to reclaim $0.00003 to confirm an uptrend initiation.