SHIB Price Still in Danger of Falling Against USD
SHIB price is still in danger of falling against the U.S. dollar, despite not being as high as DOGE.
The Shiba Inu (SHIB) price could rise by nearly 150% against its top meme-coin rival, Dogecoin (DOGE), in the coming months, based on a technical fractal.
SHIB falls to record low against DOGE
The price of the SHIB/DOGE pair appears to be rebounding after dropping to its lowest level ever on Nov. 1. This could be a sign that the pair is starting to trend upwards again after a period of downward movement. The descending trendline that has served as strong support for the pair since November 2021 could be an important factor in this rebound.
It is clear that the Shiba Inu coin is highly volatile and prone to sudden price movements. However, investors who are able to identify these trends can make a profit by trading the coin. For instance, Shiba Inu’s previous drop to the said trendline occurred in May 2022, which preceded a 100% recovery rally in the next three months. Similarly, in January 2022, the SHIB/DOGE pair rebounded by more than 50% in less than a month.
Interestingly, all the SHIB/DOGE's rebound moves reached the 0.0002186-0.0002536 range as their primary upside targets. This area coincides with the pair's 0.786-1 Fib line range, derived from the Fibonacci retracement graph drawn from the 0.0002536 swing high to the 0.0000899 swing low, as shown in the chart below. The Fibonacci retracement graph is a key indicator that technical analysts use to identify potential support and resistance levels.
SHIB could potentially see a sharp bullish reversal versus DOGE in the near future, with an upside target in the 0.0002186-0.0002536 range. This would represent a 150% price rally by Q1 2023.
It looks like the market is about to rebound after reaching its lowest point in history. The pair's daily relative strength index (RSI) is signaling extreme oversold conditions, so it's likely that we'll see a recovery in the near future. This is good news for investors who have been patiently waiting for a chance to enter the market.
SHIB price risks more losses in USD pair
It looks like the SHIB/DOGE pair could be in for a big rally soon, according to some cues from their individual performances against the US dollar. These meme-coins have been on a tear lately, and it looks like they could continue to rise in value in the days and weeks ahead.
Dogecoin could potentially become a major player in the social media world if Elon Musk's takeover of Twitter goes through. The price of the cryptocurrency has already surged by more than 100% in October as traders assess its potential. If Dogecoin can gain a foothold on Twitter, it could become a major force in the social media landscape.
It is clear that Dogecoin is in a bubble, with prices pushed to unsustainable levels by speculation. While the bubble may not burst immediately, a price correction is likely in the near future as the market corrects itself. This could lead to a sharp decline in the price of Dogecoin, so investors should be cautious.
It is possible that Dogecoin could drop by 60% by the end of 2022, as previously reported. However, this is far from certain, and it is also possible that the currency could rebound or even rise in value over the same period.
Looking at the cryptocurrency market, it's clear that Shiba Inu is doing well compared to other coins. With a 10.5% profit in October and a neutral RSI, it's clear that this coin is here to stay.
Dogecoin, the popular meme-based cryptocurrency, is currently enjoying a moment in the spotlight, with 62% of hodlers being in profit amid hopes of Twitter integration.
Although the SHIB/USDT pair may see a short-term price correction of 10%-15% to $0.00001088, it is still trading within an ascending triangle range, which could point to further upside in the longer term.
It looks like the price of Bitcoin could be headed lower in the near future, as a break below $0.00001088 risks triggering an ascending triangle breakdown. This type of breakdown during a downtrend typically sends the price lower by the same amount as the pattern's maximum height. So keep an eye on this level and be prepared for a potential drop in the price of Bitcoin.
$SHIB pic.twitter.com/BL1tIdlTCm
— il Capo Of Crypto (@CryptoCapo_) November 1, 2022
The Shiba Inu price is in danger of crashing to $0.00000682 if a decisive breakdown occurs, a 45% correction by Q1. This would be a devastating blow to investors and could see the price of the digital currency plummet.
