Date: Fri, Nov 22, 2024, 07:52 AM GMT
The cryptocurrency market is thriving, with Bitcoin (BTC) setting a new all-time high of $99,502 and closing in on the historic $100,000 mark. Alongside Bitcoin’s rise, memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are capturing attention with significant price rallies.
While DOGE has already soared by over +180% in the last 30 days, Shiba Inu is catching up with a 38% gain during the same period. Chart analysis now suggests that SHIB may be gearing up for a similar massive rally, potentially delivering a +100% move to mirror DOGE's recent breakout.
Source: Coinmarketcap
SHIB's Price Action: Following DOGE’s Footsteps
The daily chart reveals that Shiba Inu's price action closely mirrors Dogecoin's movements (depicted by the orange line) prior to its recent explosive rally. Currently, SHIB is trading at $0.00002465, consolidating just above a critical resistance zone, which has now transformed into a support level.
DOGE’s Path
Dogecoin broke out of a long-term descending channel earlier this month, followed by a powerful 180% rally within weeks. The breakout was fueled by strong market momentum, which $SHIB is now beginning to mirror.
SHIB’s Setup
SHIB recently broke out of its own descending channel, with its price action aligning closely with DOGE’s trajectory. The breakout has already resulted in a solid 38% gain, and with RSI at a healthy 69.82, the momentum remains favorable for further upside.
Is a +100% Move Coming?
If Shiba Inu continues to follow Dogecoin's blueprint, a +100% move is within reach. The next key resistance levels lie at $0.000035 and $0.000050, marking a potential doubling from the current price.
Key Indicators to Watch
Immediate Resistance: $0.000029 and $0.000035
Major Target: $0.000051 (+100%)
Support Levels: $0.000020
Conclusion
Shiba Inu (SHIB) is exhibiting strong bullish signals and appears poised to replicate Dogecoin’s rally. With market sentiment overwhelmingly bullish and Bitcoin leading the charge, SHIB has the potential to achieve a +100% surge in the coming weeks.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
