Shiba Inu Targets $0.00006, While Dogecoin Eyes $1 Mark After Price Surge

Shiba Inu, a meme-inspired cryptocurrency, recently experienced a bullish surge but faced resistance at a critical level, leading to a bearish correction.

Shiba Inu (SHIB/USD) encountered resistance at $0.00002935, leading to a decline to its current level of $0.00002350. The daily chart indicates potential support around $0.00002150, a price level where it previously showed reaction. Notably, the token faced rejection at the same resistance zone in May 2024.

On the H4 chart, the price has been trading around 0.00002340 for a while now. It has had several bounces at this level, which could result in a Double Bottom pattern. If that happens, buyers are likely to go long and push the price towards the North again.

On the other hand, a bearish breakout at the support may attract the sellers and the bear may dominate for a while.

Shiba Inu, which is often referred to as the "Dogecoin killer," has evolved into a significant meme token, thanks to its Layer-2 solution, Shibarium, which addresses concerns about Dogecoin's scalability.

Shiba Inu's marketing lead, Lucie, recently expressed optimism regarding SHIB's potential to reach $0.00006, although the time frame for this achievement remains unclear.

Lead developer Shytoshi Kusama addressed criticism from Corleone Alpha News, which questioned Shiba Inu's innovation compared to other meme tokens.

Highlighting the ecosystem's focus on technology and utility, Kusama pointed to projects like Shibarium and its decentralized exchange. He also announced an upcoming educational podcast to showcase the ecosystem's technical advances.

Dogecoin (DOGE), another meme-inspired cryptocurrency, has also seen strong gains, reaching $0.3292, as reported by Finance Magnates.

This rally has brought back speculation about whether DOGE can cross the $1 mark. With a 152% gain over the past month and an 86% increase in the last seven days, Dogecoin's momentum is certainly grabbing the attention of crypto enthusiasts.