Crypto Weekly
Subscribe
No Result
View All Result
Crypto Weekly
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
No Result
View All Result
Crypto Weekly Magazine
No Result
View All Result
  • Home
  • News
  • Learn
  • Regulation
  • Advertise with us
  • Subscribe

Shiba Inu price drops to record low vs Dogecoin — Will history repeat with a 150% rally?

by
November 3, 2022
in Altcoins, News
0

SHIB price is still in the danger zone against the U.S. dollar, despite not being as “overbought” as DOGE.

Shiba Inu (SHIB) price can rise by nearly 150% versus its top meme-coin rival, Dogecoin (DOGE), in the coming months, based on a technical fractal.

SHIB hits record low against DOGE

The bullish setup appears as the SHIB/DOGE pair rebounded slightly after dropping to 0.0000841 — its lowest level ever — on Nov. 1. The price level coincided with a descending trendline that has served as strong support for the pair since November 2021.

For instance, Shiba Inu’s previous drop to the said trendline occurred in May 2022, which preceded a 100% recovery rally in the next three months. Similarly, in January 2022, the SHIB/DOGE pair rebounded by more than 50% in less than a month.

Interestingly, all the SHIB/DOGE’s rebound moves reached the 0.0002186-0.0002536 range as their primary upside targets. This area coincides with the pair’s 0.786-1 Fib line range, derived from the Fibonacci retracement graph drawn from the 0.0002536 swing high to the 0.0000899 swing low, as shown in the chart below.

SHIB/DOGE daily price chart. Source: TradingView

Therefore, SHIB could once again see a sharp bullish reversal versus DOGE if history repeats, with the upside target in the 0.0002186-0.0002536 range. In other words, at least a 150% price rally by Q1 2023.

In addition, the pair’s daily relative strength index (RSI) signals extreme oversold conditions after dropping to its lowest levels in history, suggesting that a rebound is likely in the near future. 

SHIB price risks more losses in USD pair

More cues about an imminent SHIB/DOGE pair rally come from these memecoins’ individual performances versus the United States dollar.

Notably, Dogecoin price rallied by more than 100% versus the dollar in October as traders assessed its potential to become an integral part of Twitter after Elon Musk’s takeover of the social media giant.

DOGE/USD three-day price chart. Source: TradingView

This pushed DOGE’s daily RSI over 95 in late October, the most overbought since April 2021. The coin remains technically overbought as of Nov. 3, hinting at a potential price correction in the coming days.

In other words, Dogecoin could drop toward $0.055, or 60% from current price levels, by the end of 2022, as previously reported.

On the other hand, Shiba Inu closed October with a 10.5% profit, and as of Nov. 3, its RSI is in the neutral 30-70 zone, suggesting lower sell-side pressure compared to DOGE.

Related: 62% of Dogecoin hodlers in profit amid hopes of Twitter integration

Nevertheless, the SHIB/USDT pair still risks a 10%-15% short-term price correction to $0.00001088 based on its recent fluctuations inside an ascending triangle range, as shown below.

SHIB/USDT three-day price chart. Source: TradingView

Meanwhile, a break below $0.00001088 risks triggering an ascending triangle breakdown. Such breakdowns during a downtrend typically send the price lower by as much as the pattern’s maximum height. 

$SHIB pic.twitter.com/BL1tIdlTCm

— il Capo Of Crypto (@CryptoCapo_) November 1, 2022

Therefore, Shiba Inu’s price is in danger of crashing to $0.00000682 should a decisive breakdown occur, a 45% correction by Q1.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Previous Post

Shiba Inu price drops to record low vs Dogecoin — Will history repeat with a 150% rally?

Next Post

Indian crypto exchange Mudrex pauses withdrawals for compliance upgrade

Next Post
Indian crypto exchange Mudrex pauses withdrawals for compliance upgrade

Indian crypto exchange Mudrex pauses withdrawals for compliance upgrade

Latest News

China’s 100K TPS blockchain, Japan’s Minna Bank eyes Solana: Asia Express

by cryptoweekly
July 11, 2025
0

...

Crypto scammer's sentence bumped to 12 years from 18 months for welshing on debt

by cryptoweekly
July 10, 2025
0

...

US Senate confirms ex-Bitfury exec to lead OCC banking regulator

by cryptoweekly
July 10, 2025
0

...

SUI bullish chart pattern confirmation sets breakout target at $3.89

by cryptoweekly
July 10, 2025
0

...

Trump is close to his first major crypto policy win

Trump is close to his first major crypto policy win

by cryptoweekly
July 10, 2025
0

...

Why I won't invest in companies that ignore AI — Kevin O'Leary

by cryptoweekly
July 10, 2025
0

...

ETH maxis scream for $3K, but data shows pro Ether traders cautiously positioned

by cryptoweekly
July 10, 2025
0

...

Coinbase partners with Perplexity AI for real-time crypto prices

by cryptoweekly
July 10, 2025
0

...

Threat actors using 'elaborate social engineering scheme' to target crypto users — Report

by cryptoweekly
July 10, 2025
0

...

Roman Storm’s lawyers signal continuance if court allows hacker’s testimony

by cryptoweekly
July 10, 2025
0

...

Got a Story tip? Email Contact@cryptoweeklymag.com

CMC Coin

A marketing-focused coin w/ a unique set of tokenomics & incredible use cases! The official coin of Crypto Weekly Mag!
Learn More

News

Recent Posts
  • China’s 100K TPS blockchain, Japan’s Minna Bank eyes Solana: Asia Express
  • Crypto scammer's sentence bumped to 12 years from 18 months for welshing on debt
  • US Senate confirms ex-Bitfury exec to lead OCC banking regulator
  • SUI bullish chart pattern confirmation sets breakout target at $3.89
  • Trump is close to his first major crypto policy win
  • Why I won't invest in companies that ignore AI — Kevin O'Leary
  • ETH maxis scream for $3K, but data shows pro Ether traders cautiously positioned

Office

Crypto Weekly
71 – 75 Shelton Street
Covent Garden London, UK

Stay Connected

Facebook Twitter Instagram Telegram

© 2022 crypto weekly. All rights reserved

  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
Translate »