Research Firm Says Shiba Inu (SHIB) Has A Very Interesting Chart; Could Soon Outperform DOGE
With Bitcoin (BTC) reaching new highs this week, altcoins have also drawn increased attention, notably with price momentum in meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Against this backdrop, crypto investment research company Sistine Research has highlighted what they describe as a very interesting chart for SHIB, suggesting the popular token could be positioning itself to outperform its rival DOGE in the coming months.
In a recent analysis, the firm highlighted what it describes as a very interesting chart for SHIB, suggesting that the popular meme token could be positioning itself to outperform its rival DOGE in the coming months.
The firm shared a chart showing SHIBs critical technical patterns through SHIB/DOGE ratio and SHIB/USD price action. The analysis reveals a crucial support level at 0.00010 in the SHIB/DOGE ratio since 2022, while the SHIB/USD chart shows a strengthening consolidation pattern. This confluence of technical factors, particularly the recent bounce from support levels and emerging breakout formation, makes SHIBs current setup very bullish, suggesting the token could potentially flip DOGEs gains in the near future.
And while SHIBs year-to-date performance shows a modest 167% increase compared to DOGEs impressive 369% gain, technical analysts are identifying patterns that could indicate a significant shift in momentum.
Popular crypto analyst Javon Marks pointed to several bullish indicators in SHIBs daily chart, including a confirmed breakout pattern and favorable RSI (Relative Strength Index) readings.
SHIB (Shiba Inu) remains broken out and has confirmed a bull pattern with the RSI on the daily chart. Marks noted referencing the closely watched breakout from a falling wedge pattern, which, according to him, has historically been a reliable indicator of upcoming price movements. According to his technical analysis, SHIB could potentially target the $0.000081 level, representing a substantial 351% increase from current prices.
That said, the optimism surrounding SHIB comes amid a broader discussion about the potential of meme cryptocurrencies. While DOGE has traditionally led this sector, technical analysts suggest that SHIBs current chart formation could indicate an imminent catch-up phase or even gain more, just like in previous bull runs. The tokens recent price action and increasing trading volumes have strengthened this bullish thesis.
However, its worth noting that DOGE isnt showing any signs of slowing down either. Markss analysis of Dogecoin suggested potential for even more dramatic gains, with historical patterns indicating a possible upside of up to 3,000%, potentially pushing prices beyond the $11 mark. This projection is based on DOGEs logarithmic breakout patterns, which have historically preceded significant price rallies.
At press time, DOGE was trading at $0.38, down 3.07% in the past 24 hours, while SHIB traded at $0.00002436, marking an 0.97% decline over the same period.
Text source: ZyCrypto
