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
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
