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Cryptocurrency News Articles
Shiba Inu (SHIB) Primed for a Parabolic Rally, Mimicking Dogecoin's (DOGE) 2021 Ascent
Sep 27, 2024 at 11:59 pm
A comparison between SHIB's current cycle and DOGE's historical price action suggests that the former might be primed for a major breakout.
Shiba Inu (CRYPTO: SHIB) might be set to follow in Dogecoin’s (CRYPTO: DOGE) footsteps and record new highs.
Aнализ Rapidu: A close examination of SHIB’s price movements reveals a striking similarity to DOGE’s historical price action, hinting at the possibility of SHIB being primed for a major breakout.
A Deeper Look: A technical analysis by crypto trading expert Trading Shot on TradingView, shared on September 26, highlights Shiba Inu’s recent breakout above its 50-week moving average (MA50) after several months of consolidation. This price movement is occurring within a seven-month downward channel, with the upper boundary serving as a critical resistance point and the long-term 200-week moving average providing support from below.
According to the expert, this downward channel can also be identified as a ‘bull flag,’ a technical pattern that typically precedes aggressive rallies. This formation, coupled with SHIB’s price movements, might be setting the stage for a significant price surge, mirroring Dogecoin’s performance in 2018-2021.
Comparing the two meme coins, the analyst points out that DOGE’s price movements between 2018 and 2021 bear striking similarities to SHIB’s current price chart.
A review of 2018 price movements shows that Dogecoin’s top led to a correction, forming a downward channel and a bullish one-week golden cross formation where the 50-week moving average crossed above the 200-week moving average. This formation was central to triggering Dogecoin’s explosive rally.
On the other hand, Shiba Inu appears to be replicating a similar formation. The token also entered a downward channel after hitting its all-time high in October 2021. Notably, SHIB has recently formed a one-week golden cross. Therefore, if all market sentiments align, SHIB could be bracing for a parabolic rally in the coming months.
While technical indicators and general market sentiment play a crucial role in determining a cryptocurrency’s price movements, other factors, such as support from prominent figures, can also influence the price trajectory.
In the case of Dogecoin’s rally, it was fueled not only by technicals but also by the support of several celebrities. Among them, Tesla CEO Elon Musk's involvement was particularly noteworthy, with buying pressure increasing whenever he mentioned the meme coin in his X posts.
However, Musk's recent mentions of Dogecoin appear to have less impact as the token mainly trades in tandem with the overall market. As for SHIB, it will be interesting to see whether the token will rely solely on technical indicators and overall market sentiment.
Another crypto analyst, Alan Santana, is bullish on SHIB, predicting higher levels in the coming months. He observed that after a notable downtrend from late 2022 through mid-2023, SHIB is stabilizing its price, signaling possible upcoming gains.
He expects the meme coin to record possible growth of 101%, 205%, 654%, and a stunning 1,111%. To this end, the analyst stated that investors should anticipate a new record high by the fourth quarter of 2024.
Apart from technical analysis, other underlying fundamentals within the Shiba Inu community are also hinting at a price rally. Among the latest developments is the potential launch of a stablecoin on the network, which has been garnering attention.
As reported by Finbold, SHIB’s marketing lead, ‘Lucie,’ shared that a stablecoin for the Shibarium ecosystem might be coming soon. While the launch date is yet to be revealed, SHIB recorded a significant capital inflow in reaction to the news, with its value hitting $1 billion in 24 hours. Indeed, such a move would enhance SHIB’s liquidity, driving a potential price rally.
At press time, Shiba Inu is trading at $0.000021, up almost 30% in 24 hours. On the weekly chart, SHIB is up 50%.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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