Shiba Inu (SHIB) Plays Catchup With DOGE; Will Bulls Push For $0.00002?
November 01 2022 - 11:32AM
NEWSBTC
SHIB’s price shows strength as it continues its rally, with eyes
set on a high of $0.00002 as the price tends to mimic DOGE.
SHIB could rally more as the price creates a bullish bias and holds
above its range channel after a successful breakout. SHIB’s price
remains strong on all timeframes as the price trades above the 50
Exponential Moving Average (EMA). The price action shown by Shiba
Inu (SHIB) in the past few days has been a replica of what we see
with the price of DOGE in the past few days as it continues to lead
the charge for memecoin rallies. Although the price of Shiba Inu
(SHIB) has been under the shadow of DOGE, that hasn’t neglected the
fact that the price has had a good run. With uncertainty in the
crypto market creeping in, would this run be sustained? (Data from
Binance) Related Reading: On-Chain Data Suggests Bitcoin Bottom
Comparable To Previous Cycles Shib Inu (SHIB) Price Analysis On The
Weekly Chart The crypto market is looking increasingly welcoming as
many altcoins continue producing over 150% gains over the past 7
days of breaking out of their range-bound movement. The likes of
DOGE have seen some great runs rally accompanied by its rival SHIB.
The past weeks were tough for the crypto space, with many altcoins
struggling to hold up their key support areas. With the week
looking more promising and Bitcoin (BTC) prices gaining traction,
the crypto market has enjoyed a measure of relief, but this can not
be said for the new month as things begin to look slightly
different in terms of prices. After its weekly close of above
$0.00001, the price of SHIB rallied to a high of $0.00001300; the
price faced a minor rejection to break higher to a region of
$0.000015; the price struggled to break above this region. The
price of SHIB has maintained its bullish structure above the
$0.000012 region as the price of SHIB eyes a rally to a region of
$0.000018-$0.00002. Weekly resistance for the price of SHIB –
$0.000018-$0.00002. Weekly support for the price of SHIB –
$0.000012. Price Analysis Of SHIB On The Daily (1D) Chart In the
daily timeframe, the price of SHIB continued to look strong as the
price held above its range channel, forming strong support to hold
off the price from sellers. SHIB currently trades at $0.00001290,
just above its key support formed at $0.00001 after its successful
breakout from a range channel with good volume as the price tried
mimicking DOGE performance. The price of SHIB needs to break
and hold above $0.000014 for more rallies to a region of
$0.00002 Daily resistance for the SHIB price – $0.000014.
Daily support for the SHIB price – $0.000011. Related Reading: Is
Elon Musk The Largest Holder Of Dogecoin (DOGE) With 28.52% Of
Supply? Featured Image From zipmex, Charts From Tradingview
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