Shiba Inu (SHIB) has experienced a 4% surge in the past 24 hours, reclaiming a price level of $0.000019. This comes as the broader cryptocurrency market is recovering and aiming for new highs. In comparison, SHIB’s competitor, Dogecoin (DOGE), has skyrocketed by 10.54% in the same timeframe, outperforming SHIB and showing strong bullish momentum.
According to CoinMarketCap data, Shiba Inu is currently trading between the price levels of $0.000011 and $0.000020. However, the altcoin has been unable to establish $0.000020 as a strong support level. It is currently trading at a significant discount of 79.01% from its all-time high of $0.00008845, which was reached in October 2021.
An analyst on X (formerly Twitter) named “MauticBraham” has set a price target of $0.00008614 for SHIB in the current cycle. This forecast suggests a potential fourfold increase in SHIB’s value if it materializes.
At the time of writing, SHIB is trading at $0.000019, marking a 4% increase in the past 24 hours. The coin has a market cap of $11.21 billion, positioning it as the 13th largest digital asset by market capitalization. In contrast, DOGE holds the 8th position with a market cap of $18.73 billion.
DOGE’s price has outperformed SHIB in the past day, with a 10.54% increase to $0.1279. The coin has shown strong growth over the past 30 days, rising by 24.49%, and by 16.27% in the last week alone.
The Relative Strength Index (RSI) chart for SHIB indicates a value of 62.75, suggesting that bullish sentiment is prevailing and demand for the altcoin remains high. However, the current low volume is leading to a minor decrease in bullish momentum.
In conclusion, Shiba Inu and Dogecoin are both showing positive price movements, with SHIB potentially gearing up for a breakout. Investors and traders are advised to monitor the market closely and consider the potential price targets set by analysts. As always, caution and thorough research are recommended before making any investment decisions in the volatile cryptocurrency market.