- Dogecoin’s market cap growth could drive a surge in Shiba Inu’s value.
- Shiba Inu could rise 85% if it mirrors Dogecoin’s recent price performance.
- While Dogecoin shows resilience, Shiba Inu struggles to gain upward momentum.
Shiba Inu (SHIB) might be on the brink of an 85% price surge, provided Dogecoin (DOGE) maintains its upward market trajectory. Together, SHIB and DOGE dominate 62% of the meme coin market cap, with DOGE leading the charge as one of the top ten largest cryptocurrencies by valuation, surpassing assets like Cardano and Tron.
Analysts point to Dogecoin’s strong market position as a catalyst for Shiba Inu’s potential growth. If Dogecoin sustains positive market sentiment, Shiba Inu could mirror this performance, igniting investor optimism for a bullish breakout in the near future.
Crypto analyst Ali Charts predicts that if SHIB follows Dogecoin’s recent performance, its price could reach $0.000049, an 85% increase from its current level.
Technical Analysis of Dogecoin and Shiba Inu
Dogecoin’s technical chart shows a price surge that has broken through key Fibonacci retracement levels. The asset is currently near the 0.786 Fibonacci level at $0.41, a key resistance zone.
Analysts suggest that if Dogecoin maintains its momentum, the price could reach the 1.0 Fibonacci level, indicating further potential gains. Similarly, Shiba Inu’s chart shows the 0.5 Fibonacci retracement level approaching $0.0000226.
Recent Performance of Dogecoin and Shiba Inu
Dogecoin and Shiba Inu have shown contrasting price trends recently. Dogecoin started at around $0.3679, experienced a decline, but then recovered to finish with a positive change. Shiba Inu, on the other hand, struggled during the same period, dropping by 3.60% and maintaining a negative trend throughout the day.
This divergence in price action highlights the current dynamic between the two tokens. While Dogecoin has demonstrated resilience, Shiba Inu’s struggle to gain traction raises questions about its immediate future.
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