Shiba Inu turns $0.000022 into support as bears gradually reappear

Shiba Inu price analysis for March 17 2022 begins on a bearish note for the token which has seen a rise of just 3% in the last 24 hours. It is important to note that other altcoins are outperforming SHIB tokens and chances of the Dogecoin Killer turning bullish are quite low. TheCoinRise noted in the SHIB price analysis for March 16, 2022, noted that $0.000022 was a major resistance that has now been reclaimed. It seems that for today, prices are holding above this level.

The data from CoinMarketCap shows that the trading volume for Shiba Inu has surged 19.22% in the last 24 hours, while the market cap of the token has jumped by 2.96% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06315, while the Market Dominance of the token has surged to 0.68%. 

The daily candle for Shiba Inu opened at a price of $0.00002273 and reached a daily high of $0.00002281. Moreover, the daily low for the token stands at a price of $0.00002233. The price of 1 SHIB at the time of writing is $0.00002243. 

Shiba Inu price analysis on the daily chart for March 17

Shiba Inu price analysis for March 17 will talk about 3 major indicators on the daily chart which can be seen below.

Source: TradingView

The MACD indicator shows that the MACD line is touching the signal line and chances of a bullish divergence are quite high. Moreover, the MACD histogram is also gradually turning bullish.

The RSI indicator shows a value of 43.67 which means that the bears are in control of the entire price action. The gradient of the line negative for today and the chances of losing $0.000022 are considerable.

The price action for Shiba Inu remains in a downtrend in the lower end of the Bollinger Bands which means bears remain dominant.

Conclusion

Shiba Inu price analysis ends on a bullish note for the meme coin as chances of SHIB losing $0.000022 are pretty high.