The price of Shiba Inu is still at risk against the US dollar, even so, it is not as bought as Dogecoin. Nevertheless, according to a technical analysis using a fractal, the price of SHIB could climb by 150% in the coming months. A situation that has happened before.
SHIB hits all-time low against DOGE
The bullish movement appears when the SHIB/DOGE pair hit its all-time low of $0.0000841 on November 1, generating a slight rebound. The average price coincided with a descending line serving as very strong support for the pair since November 2021.
For example, the previous drop in the same corner of Shiba Inu at this zone support took place in May 2022 resulting in a record increase of 100% for the following three months. Similarly, last January the pair SHIB/DOGE rebounded more than 50% in the space of a month.
Curiously, each SHIB/DOGE bounce has seen values between $0.0002186-0.0002536 reaches from their first price. This area coincides with the 0.786-1 pair derived from the Fibonacci chart drawn from 0.0002536 at the high and 0.0000899 at the low.
Additionally, SHIB could once again see a deep bullish move if history repeats itself with the target around 0.0002186 to 0.0002536. In more clear, the price of Shiba Inu could increase its current value by 150% from the first quarter of 2023 according to technical analysis.
Cryptocurrency investing is offered by eToro (Europe) Ltd as a PSAN, registered with the AMF. Cryptocurrencies are very volatile. No consumer protection.
SHIB risks further losses on the USD pair
Several indices suggest the upcoming success of the SHIB/DOGE pair, in particular thanks to their individual performance against the US dollar. Indeed, recently the Dogecoin has taken more than 100% of its value in the space of a few days and this ascent continues.
The main reason is none other than the takeover of Twitter by Elon Musk. The CEO of SpaceX and Tesla has always been known to be a loyal supporter of DOGE, pumping up the price of this cryptocurrency every time he wrote a tweet about it.
As a bonus, now each of its companies uses Dogecoin as a means of payment. Therefore, it is logical to assume that Twitter in the future could use DOGE as a means of payment perhaps to pay for advertising promotions, to highlight one of its tweets and much more.
If such an announcement were to take place or even if only if Elon Musk were to come up with the next idea, then Dogecoin would quickly move towards the $1 mark such an event has so much potential. This is especially true when we know that Changpeng Zhao, the CEO of Binance also interested in Twitter for Web3.
The price of Dogecoin at the time of writing this article is 0,1289 $ with a rise of 66.91% in the last seven days.
Analyse
Balance sheet the daily RSI of DOGE has climbed to over 95 since the end of October following this significant increase. This is a first since April 2021 for DOGE to be bought so much. Despite everything, this overbought continues on November 3, which suggests a correction in the price in the coming days.
Dogecoin could return to a value around $0.09 by the end of the year if the correction takes place, but it also depends on Elon Musk’s announcements about the future of this corner.
On the other side with Shiba Inu, its value increased by 10.5% in October with a RSI between 30-70 to November 3, signifying much weaker selling pressure than DOGE. Still, the SHIB/DOGE pair risks a short-term correction of 10-15% based on its recent swings.
$SHIB pic.twitter.com/BL1tIdlTCm
— il Capo Of Crypto (@CryptoCapo_) November 1, 2022
Moreover, the price of Shiba Inu remains in danger of crashing around $0.0000682 depending on what might happen at that support with a correction for early next year.
Despite its relatively unstable price, Shiba Inu has seen its number of investors increase in 2022 with more than 100,000 new addresses. It must be said that the SHIB ecosystem is in full development and many projects are to come. These could drastically change the value of this crypto meme coin.
