Shiba Inu unable to push above $0.00003 as price action cools down

Shiba Inu price analysis for April 4, 2022, comes on a slightly bullish note for the token as chances of breaking $0.000030 seem low for now. The meme coin has jumped more than 1.2% in the last 24 hours which is not impressive but is worth considering. Moreover, it is also important to note that the Dogecoin killer has been able to maintain its position in the top 15 cryptocurrencies in the market. As noted in our SHIB price analysis for April 1st, 2022, the chances of SHIB remaining bullish seem low. 

The data from CoinMarketCap shows that the trading volume for SHIB has dropped 13.36% in the last 24 hours, while the market cap of the token has surged by 1.05% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.06358, while the Market Dominance of the token surged to 0.68%. 

The daily candle for Shiba Inu opened at a price of $0.00002683 and reached a daily high of $0.00002730. Moreover, the daily low for the token stands at a price of $0.00002614. The price of 1 SHIB at the time of writing is $0.00002664. 

Shiba Inu price analysis on the daily chart for April 4

Shiba Inu price analysis for April 4 will take into consideration the data from the 3 indicators on the daily chart below.

Source: TradingView

The RSI indicator shows a value of 58 which means that the chances of SHIB breaking the $0.00003 price zone remain low. Moreover, the gradient of the line suggests that lower prices are possible. 

The MACD indicator shows that the MACD line and the signal line are close to each other as the chances of a bearish divergence seem quite high. 

The price action for Shiba Inu is situated in the upper end of the Bollinger Bands which means that the bulls are still in control of the price action.

Conclusion

Shiba Inu price analysis for April 4, 2022, ends on a slightly bearish note for the token as reclaiming $0.00003 doesn’t seem possible.