Shiba Inu's momentum is heating up! SHIB outperforms DOGE, will Dogecoin's counterattack reach 1 dollar by the beginning of the year?
Analysts compare Dogecoin's current rally to the astonishing increase of over 300% in December 2017. Dogecoin's current trading price is $0.404, with a rise of up to 60% in the past month. If the price breaks through $0.44, analysts believe this could pave the way for a rise to $0.50, potentially reaching the 1 dollar mark by early 2025.
Historically, December has been a favorable month for Dogecoin, with an average increase of 24.3%. This trend further supports optimism for the coming weeks. Dogecoin's Relative Strength Index (RSI) is currently at 63, indicating that bullish momentum continues. Additionally, analysts emphasize that Bitcoin's performance is a key factor; a BTC breakthrough of $100,000 could ignite enthusiasm across the entire cryptocurrency market, greatly benefiting Dogecoin.
Increasing whale activity and speculation about a potential Dogecoin ETF in 2025 have also boosted this optimism.
A bullish triangle pattern has driven SHIB's rise, and the anticipated Shibarium update is expected to further enhance its ecosystem.
On-chain data shows that a significant portion of SHIB holders remains in profit, indicating strong investor confidence. This minimizes the likelihood of panic selling, even in volatile market conditions. Analysts emphasize that $0.000035 is a key resistance level, and breaking through this level could further drive the price up.
Meanwhile, the Shibarium update aims to enhance security and scalability, positioning SHIB as a competitive force in the meme coin space. Despite SHIB's recent rise, the overbought condition (reflected in an RSI of 73) suggests that a consolidation phase may occur before the next upward movement.
