Shiba Inu turns bullish, prices up by 7%: Right time to take profit?

Shiba Inu price analysis for Feb 15, 2022, shows that the token has turned bullish after rising 7% in the last 24 hours. The Dogecoin killer has outperformed DOGE, as seen in the Dogecoin price analysis for Feb 15, 2022. Furthermore, SHIB has seen a 5% price drop in the last 7 days. The nearest major resistance for SHIB is $0.000034. 

The data from CoinMarketCap shows that the trading volume of the meme coin dropped 27.89% in the last 24 hours, followed by a 6.51% surge in the market cap. The Volume / Market Cap Ratio of the token stands at 0.09557, while the Market Dominance stands at 0.88%. 

The daily candle for Shiba Inu opened at a price of $0.00002958 and reached a daily high of $0.00003168. On the other hand, the daily low for the token stands at $0.00002954. The price of 1 SHIB at the time of writing is $0.00003112. We saw SHIB rebound from the support at $0.000029 in our SHIB price analysis for Feb 14, 2022.

Shiba Inu price analysis on the daily chart

Shiba Inu price analysis on the daily chart can be confirmed on a bullish note for the token as the RSI line continues to make higher highs. The meme coin is popular among investors as the RSI reads 59.86.

Source: TradingView

The MACD indicator shows that the MACD line (blue) continues to progress above the signal line (orange). This means that buying pressure for SHIB is still very high.

Source: TradingView

The price action once again aims to break out of the upper end of the Bollinger Bands. If successful, we might witness Shiba Inu break through the $0.000034 resistance zone.

Source: TradingView

Conclusion

The Shiba Inu price analysis for Feb 15, 2022, can be confirmed on a bullish note for the token, which is 64.77% low from its all-time high of 0.00008845 USD which was witnessed on Oct 28, 2021. Overall, SHIB is a strong investment and this might be the best time to invest in the Dogecoin killer.