• Shiba Inu price hit a monthly high at $0.00001509 before closing October, yielding 55% gains for SHIB holders in the last week. 
  • Twitter announced its decision to stop work on the crypto wallet, bringing Dogecoin’s price rally to a halt. 
  • Analysts predict a massive breakout in Shiba Inu as it breaks past the 8-day Exponential Moving Average, a key level that triggered a 30% rally in October. 

Dogecoin yielded nearly 100% gains for holders over the past two weeks, and Shiba Inu ended October up 55% for the week. The two cryptocurrencies are in constant competition to lead the pack of meme coins. Analysts have revealed a bullish outlook on Shiba Inu, while Dogecoin’s price rally grinds to a halt. 

Also read: Cardano bites the dust as Dogecoin price breaks past $0.15 first time in six months

Shiba Inu ends October above $0.00001509, analysts turn bullish

Dogecoin-killer Shiba Inu yielded double-digit weekly gains for holders in the last week of October. The meme coin closed the month at a high of $0.00001509 and fueled bullish sentiment among SHIB traders. 

Interestingly, Shiba Inu has hit a record low against Dogecoin. The SHIBDOGE pair rebounded slightly after a drop to 0.0000841, a record low on November 1. This price level is key to Shiba Inu as it coincides with a descending trendline that served as strong support for the pair since November 2021. 

The last two instances when Shiba Inu’s price dropped to said trendline resulted in a 50% rally in January 2022 and a 100% recovery rally from May to August 2022. Each rebound move has hit the primary targets between 0.0002186 to 0.0002536. 

SHIBDOGE price chart

SHIBDOGE price chart

If history repeats itself, Shiba Inu price could witness a bullish reversal against Dogecoin and target a 150% rally in the 0.0002186 to 0.0002536 range by Q1 2023. 

Twitter halts work on its crypto wallet, interrupts Dogecoin price rally

Elon Musk’s takeover of Twitter and the social media platform’s work on a crypto wallet were two key drivers of bullish sentiment among Dogecoin holders. Therefore, Twitter’s announcement to halt work on its crypto wallet landed a blow to Dogecoin holders as DOGE price took a bearish turn. 

Platformer reported details of Twitter’s roadmap under Musk. It reads:

A recently revealed plan to build a crypto wallet for Twitter appears to be on pause as well.

After yielding nearly 100% gains to holders in a period of two weeks, Dogecoin yielded nearly 11% losses overnight. Profit-taking by large wallet investors picked up pace in the last week of October, capping Dogecoin’s gains. 

On-chain metrics reveal that whales are satisfied with their recent gains in Dogecoin and may choose to stay on the sidelines unless DOGE price is further discounted. The count of daily active addresses shows a significant uptick, suggesting investors are interested in booking profits in DOGE. Dogecoin witnessed the largest influx of activity from whales. The Dogecoin bull run established in October 2022 with seventeen times higher gains than Bitcoin is therefore in jeopardy. 

Analysts predict a bull run in Shiba Inu

Shiba Inu price has crossed above the 8-day Exponential Moving Average, the meme coin’s first reacquaintance with the moving average after October 27. On October 27, the bullish cross catalyzed a 30% rally in Shiba Inu price. As the meme coin touched the 8-day EMA at $0.00001200, the Relative Strength Index (RSI) remained in bullish territory, signaling a continuation of the uptrend. 

SHIBUSDT price chart

SHIBUSDT price chart

Tony Montpeirous, technical analyst at FXStreet, argues that Shiba Inu price has the potential to challenge the newly established shorts near the monthly high at $0.00001509. Shiba Inu price could climb 30% from $0.00001191 in its uptrend. 

A decline below the $0.00001040 level, just under the 21-day Simple Moving Average, could also invalidate the bullish thesis. This might trigger a sweep of the low at $0.00000970, a 17% drop from the current price level. 


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle (PENDLE) price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

More Pendle News

Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily

Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily

Ethereum's (ETH) recent price movement hints at a potential rally despite ETH ETPs recording outflows. The recent price improvement follows the fourth Bitcoin halving and a suspected Justin Sun wallet purchasing large numbers of ETH.

More Ethereum News

Floki poised for growth after listing on Revolut

Floki poised for growth after listing on Revolut

Floki's (FLOKI) team announced in an X post on Monday that the meme coin would be listed on the popular neobank and Fintech platform Revolut. Floki could rise further following key partnerships to boost retail usage.

More Floki News

Jupiter DEX second Launchpad vote concludes, JUP price rises 5%

Jupiter DEX second Launchpad vote concludes, JUP price rises 5%

Jupiter, a Solana-based decentralized exchange (DEX) has completed the second launchpad (LFG) vote to identify the two projects that will debut on its platform. On March 30, the aggregator network had unveiled its Core Working Group (CWG) budget proposal voting.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP