Shiba Inu Price Forecast: Can the new dog compete with Dogecoin's 160% rally?
|- Shiba Inu price shows a bullish monthly chart, indicating that a big move is cued up.
- A bullish divergence is under development on the monthly with a potential for a reset of the RSI at the 50 level.
- Invalidation of the bullish outlook will occur if SHIB loses the $0.00000933 support level on the monthly timeframe.
Shiba Inu price shows a refreshingly bullish outlook that could lead to an explosive move soon. While its competitor, Dogecoin, has already doubled in value after breaking a multi-year downtrend, this dog-themed crypto seems to be taking its sweet time.
Shiba Inu price will surprise investors
Shiba Inu price is at an inflection point and could trigger an explosive bullish move that could people it 35% to $0.0000125. There are two reasons why this move has a high probability of occurring:
- Shiba Inu price is currently grappling with the monthly support level at $0.00000933. This barrier is strong enough to withstand four bearish attempts. So, the chances SHIB takes off from here are high as well.
- Adding credence to this outlook is the popular momentum indicator Relative Strength Index (RSI). This indicator has produced a bullish divergence, which happens when the momentum is increasing, but the price action does not reflect it. The result of this technical formation is a trend reversal favoring bulls.
Hence, investors should be looking at the next crucial hurdle at $0.0000127 for Shiba Inu price to retest. While this move would constitute a 35% gain, flipping the same level into a support floor will open the path for SHIB to tag the $0.0000202 hurdle. This run-up, however, would represent a 124% gain for investors.
SHIB/USDT 4-hour chart
The 124% upswing forecast for Shiba Inu price is not outside the realm of possibility considering Dogecoin price pulled this feat off a few weeks ago. Unlike the original meme coin’s condition, SHIB needs to hold above the $0.00000933 support level on the monthly timeframe.
A breakdown of this level on a high timeframe chart would cause buyers to lose interest and potentially offload their holdings, triggering a sell-off. Such a development could push Shiba Inu price to $0.00000689.
This video details how Bitcoin price moves could affect Shiba Inu price
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.