Shiba Inu $SHIB could be on the verge of a 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 top ten cryptocurrencies by valuation, surpassing assets like Cardano and Tron.
Analysts point out 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 its current level.
Technical analysis of Dogecoin and Shiba Inu
Dogecoin's technical chart shows that the price surge has broken through key Fibonacci retracement levels. The asset is currently near the Fibonacci level of 0.786 at $0.41, a significant resistance area.
Source:X
Analysts suggest that if Dogecoin continues its upward momentum, the price could reach Fibonacci level 1.0, indicating further potential for price increases. Similarly, Shiba Inu's chart indicates that the Fibonacci retracement level of 0.5 is approaching $0.0000226.
Recent performance of Dogecoin and Shiba Inu
Dogecoin and Shiba Inu have recently shown opposite price trends. Dogecoin started at around $0.3679, experienced a drop, but then recovered to end with a positive change. In contrast, Shiba Inu struggled during the same period, decreasing by 3.60% and maintaining a negative trend throughout the day.
Comparison of Dogecoin and Shiba Inu prices: Source:CoinMarketCap
The divergence in price action highlights the current momentum between the two tokens. While Dogecoin has proven its resilience, Shiba Inu's struggle to gain traction raises questions about its near-term future.
