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Shiba Inu News: Will it Rise to 150%?

green image of altcoins and shiba inu dogs in foreground
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In this article, we'll look at the latest Shiba Inu news. Before we do, let's understand what we're talking about. SHIB is a decentralised cryptocurrency founded in 2020 by an anonymous individual Ryoshi.

The SHIB is an Ethereum-based ERC-20 coin designed to compete directly with Dogecoin. The coin does not support smart contracts and has no assets backing it. It can, however, be passed from one user to another.

The latest Shiba Inu news reveals that the coin's price could rise by nearly 150% compared to its top memecoin rival, Dogecoin, in the coming months, as per technical fractal.

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SHIB sets a new low against DOGE

The bullish setup appears as the SHIB/DOGE pair has recovered slightly after falling to 0.0000841 – its lowest level ever – on 1 November. Since November 2021, the price level has coincided with a descending trendline that has supported the pair.

For example, Shiba Inu's previous drop to the trendline occurred in May 2022, followed by a 100% recovery rally in the following three months. Similarly, the SHIB/DOGE pair recovered by more than 50% in less than a month in January 2022.

Interestingly for followers of Shiba Inu news, all of the SHIB/DOGE's rebound moves had their primary upside targets in the 0.0002186-0.0002536 range.

Picture1 shib.png

If history repeats itself, SHIB could see a sharp bullish reversal versus DOGE, with the upside target in the 0.0002186-0.0002536 range. In other words, a 150% price increase by Q1 2023.

Furthermore, the pair's daily relative strength index (RSI) indicates extreme oversold conditions after falling to its lowest levels in history, implying that a rebound is imminent.

SHIB price in the USD pair faces greater losses

More hints about an impending SHIB/DOGE pair rally can be found in how these memecoins have performed against the US dollar.

Notably, the Dogecoin price increased by more than 100% in relation to the dollar in October as traders anticipated its potential integration into Twitter after Elon Musk completed his buyout of the social media giant.

Late in October, as a result, DOGE's daily RSI crossed over 95, making it the most overbought since April 2021. As of 3 November, the coin's technical condition was still overbought, suggesting that a price correction could occur soon.

To put it another way, by the end of 2022, Dogecoin could decline towards $0.055, or 60%, from current price levels.

On the other hand, Shiba Inu posted a 10.5% profit at the end of October, and, as of right now, its RSI is in the neutral 30-70 range, indicating less sell-side pressure than DOGE.

Based on recent fluctuations inside an ascending triangle range, a 10%–15% short-term price correction to $0.00001088 is still possible for the SHIB/USDT pair.

Picture2 shib.png

However, a break below $0.00001088 raises the possibility of an ascending triangle breakdown.

When such breakdowns occur during a downtrend, the price is frequently driven to its maximum height. In the event of a clear breakdown, Shiba Inu's price could plunge to $0.00000682, a 45% correction by Q1.

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Author: Priya Kumari

Author: Priya Kumari

Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.

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