Shiba Inu (SHIB) may be on the verge of an 85% price increase, provided that Dogecoin (DOGE) maintains its bullish market trajectory. Together, SHIB and DOGE dominate 62% of the meme coin market capitalization, with DOGE leading as one of the ten largest cryptocurrencies by valuation, surpassing assets like Cardano and Tron.
Analysts point to Dogecoin's strong market position as a catalyst for Shiba Inu's growth potential. If Dogecoin maintains a positive market sentiment, Shiba Inu could reflect this performance, igniting investor optimism for a breakthrough price increase in the near future.
Cryptocurrency analyst Ali Charts predicts that if SHIB follows the recent growth trend of Dogecoin, its price could reach $0.000049, an increase of 85% from the current level.
Technical analysis of Dogecoin and Shiba Inu
The technical chart of Dogecoin shows that the price spike has broken through significant Fibonacci retracement levels. The asset is currently near the Fibonacci 0.786 level at $0.41, a key resistance area.
Analysts suggest that if Dogecoin maintains its upward momentum, the price could reach the Fibonacci 1.0 level, indicating the potential for further price increases. Similarly, Shiba Inu's chart shows that the Fibonacci 0.5 retracement level is approaching $0.0000226.
Recent performance of Dogecoin and Shiba Inu
Dogecoin and Shiba Inu have recently shown opposing price trends. Dogecoin started at around $0.3679, experienced a decline, but then rebounded to end with a positive change. In contrast, Shiba Inu struggled during the same period, dropping 3.60% and maintaining a negative trend throughout the day.
The divergence in this price action highlights the current dynamics between the two tokens. While Dogecoin has proven its resilience, Shiba Inu's struggle to gain traction raises questions about its near-term future.
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