Shiba Inu up 7% in last 7 days: Set to end this week on a bearish note?

Shiba Inu price analysis for March 23, 2022, comes on a bearish note for the Dogecoin Killer as it fights for its position in the top 15 cryptocurrencies in the crypto space. It is also important to note that the chances of HIB losing the 15th position in the crypto space are quite high because the token has been stuck in a downtrend since its mid-October all-time high. The Shiba Inu price analysis for March 22 noted that the token was up 7% in the last 7 days. 

The data from CoinMarketCap shows that the trading volume for SHIB has dropped 7.03% in the last 24 hours, while the market cap of the token has jumped by 0.01% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.0635, while the Market Dominance of the token remains at 0.67%. 

The daily candle for Shiba Inu opened at a price of $0.00002344 and reached a daily high of $0.00002358. Moreover, the daily low for the token stands at a price of $0.00002306. The price of 1 SHIB at the time of writing is $0.00002348. 

Shiba Inu price analysis on the daily chart for March 23

Shiba Inu price analysis for March 23 will include some of the major indicators in the crypto space which will be integrated on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line is progressing above the signal line which means that the bulls are in control as the MACD histogram is also bullish. 

The RSI indicator shows a value of 49.27 which means that the selling pressure is slightly dominating. Moreover, the gradient of the line suggests that prices will remain sluggish for today for Shiba Inu.

The price action for SHIB is situated in the upper end of the Bollinger Bands which suggests that prices might remain above $0.000023 in the coming days.

Conclusion

Shiba Inu price analysis for March 23, 2022, confirms that the meme coin is stuck in a downtrend in the long run, and chances of retaining $0.000023 are high.