- Technical indicators suggest that SHIB may strengthen 40% against DOGE.
- Fundamental indicators for DOGE look pale after Elon Musk banned DOGE-tipping bot.
- SHIB and DOGE risk dropping 10% and 13% respectively against the dollar this month.
Technical indicators for the meme coin, Shiba Inu (SHIB), suggest that another 40% rally may be in store for the crypto versus Dogecoin (DOGE) as Shibarium comes into focus.
On 4 February, 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, which is almost a 100% increase in the last three months. This comes after it bottomed out at 0.00000993 DOGE – its lowest level on record.
This sharp recovery came as investors’ focus shifted towards the upcoming launch of Shibarium – a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet which was announced on 16 Jan, 2023.
le tau o le SHIB gained momentum amid reports that Shibarium will go live on 14 February, 2023. Meanwhile, fundamental indicators for DOGE looked pale in comparison after Elon Musk taofia lē tumau a DOGE tipping bot for violating Twitter’s rules.
Several technical indicators currently suggest that the recovery trend is set to continue for SHIB/DOGE in the coming weeks. Furthermore, the pair could climb to 0.00002181 by March of this year if historical cycles are any indication.
Although SHIB appears to be in a better position to outperform DOGE, both cryptos may face headwinds against the dollar this month.
Looking at DOGE’s daily chart, the meme coin may experience a small correction versus the dollar in the coming days as a rising wedge pattern has formed. Should the bearish chart pattern play out, the downside target for DOGE’s price will be $0.0850, which is around 10% from current levels.
Meanwhile, SHIB/USDT is also overstretched on its daily chart, with the Relative Strength Index (RSI) indicator currently in overbought territory at 82.58. In addition to this, SHIB’s price is currently facing a strong resistance zone around $0.00001517 – where a pullback is likely.
If this pullback takes place, February could see SHIB’s price drop to $0.00001300-$0.000013000, which has been its most active zone in recent months. This would constitute a 13%-20% from current price levels.
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Source: https://coinedition.com/shiba-inu-may-gain-40-against-dogecoin-in-coming-weeks/