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Will Shiba Inu Track Dogecoin's Price Rally?

Published on

April 4, 2023
Read Time:2 Minute, 1 Second

Shiba Inu (SHIB) worth surged over 10% in in the future amid broader bullish strikes in meme cryptocurrencies over the previous 24 hours. However will the SHIB worth preserve going up?

SHIB Value Trails Dogecoin Value Positive factors

On April 4, SHIB's worth hit $0.00001159 per day after recovering from its native backside of $0.00001049 - a ten.5% acquire. Nonetheless, the meme token has lagged most of its friends, together with Dogecoin (DOGE), which is up over 30% over the identical interval.

Because the starting of the 12 months, the income of SHIB and DOGE have been virtually similar at round 38%.

SHIB/USD versus DOGE/USDT and FLOKI/USDT year-to-date. Supply: TradingView

SHIB worth began to surge after Twitter, owned by self-proclaimed Dogecoin supporter Elon Musk, changed its iconic blue fowl emblem with Dogecoin's Shiba Inu image. SHIB/U has equally rallied previously as a consequence of Musk's Dogecoin mentions on Twitter.

Curiously, Musk clarified in October 2021 that he doesn't personal Shiba Inu.

Prolonged Shiba Inu worth restoration unlikely

From a technical perspective, SHIB has consolidated larger inside what seems to be a bear flag sample, which can restrict its capability to replicate a Dogecoin-like 30% worth rally.

Associated: Shiba Inu group break up over allegations of code, chain ID plagiarism

A bear flag is a bearish continuation sample that varieties when worth briefly spikes larger inside an ascending parallel channel after sharp declines. It dissipates after the value breaks beneath the decrease trendline with robust quantity and falls by the extent of the earlier downtrend (flagpole).

On April 4th, SHIB assessments the flag's higher trendline (close to $0.00001160) for a potential pullback in direction of the decrease trendline (close to $0.00001050) in April.

SHIB/USDT each day chart. Supply: TradingView

One other shut beneath the decrease trendline might set off the bear flag breakdown situation with a draw back goal close to $0.00000883 in April, which is over 20% beneath the present worth degree.

Conversely, a break above the flag's higher trendline dangers invalidating the bearish setup. In the meantime, SHIB's upside goal seems to reside at its long-term descending trendline resistance -- round $0.00001400 in April, a 25% rise from present costs.

This text doesn't comprise any funding recommendation or advice. Each funding and buying and selling transfer entails danger and readers ought to do their very own analysis when making a choice.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : April 4, 2023
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