Shiba Inu trading volume dips: SHIB HODLers can expect sudden drops

Shiba Inu price action for Feb 17, 2022, shows that the token is very sluggish but indicators are still bullish for the token. Moreover, the SHIB price analysis for Feb 16, 2022, shows that the token has potential of rallying further. It is important to note that the token has been one of the best performing altcoins in the first week of Feb.

The data from CoinMarketCap shows that the trading volume of the token dropped 20.82% in the last 24 hours followed by a 1.25% surge in the market cap. The prices surged 1.25% in the same duration while the Market Dominance stands at 0.86%. The Volume / Market Cap Ratio currently stands at a value 0.07366.

The daily candle for Shiba Inu opened at a price of $0.00003092 and reached a daily high of $0.00003138. Meanwhile, the daily low for the token stands at $0.00003075. It is also important to note that the price of 1 SHIB at the time of writing is $0.0003075. The nearest support for the token stands around $0.000028.

Shiba Inu price analysis on the daily chart for Feb 17, 2022

Shiba Inu price analysis for Feb 17, 2022, uses 3 important indicators which will help us analyze the price trajectory that the token might follow in the near future.

Source: TradingView

The Shiba Inu RSI level currently reads 58.5 which means that the token is very bullish as the buying pressure is high. Also, the gradient for the line is slightly negative which means that we might see lower prices today.

The MACD indicator shows that the MACD line (blue) continues to progress above the signal line (orange). Moreover, the MACD histogram is also bullish with huge bullish bars.

The price action is retesting the middle zone of the Bollinger Bands and if the token falls below this zone, it is possible for SHIB to see lower prices today.

Conclusion

Shiba Inu price analysis for Feb 17, 2022, says that the meme coin has been following a bearish trajectory and is unable to push through $0.000034, an important resistance.