Shiba Inu (SHIB) is poised for a potential 85% price surge, following in the footsteps of Dogecoin (DOGE) as it continues its upward market trajectory. Together, SHIB and DOGE dominate a significant portion of the meme coin market cap, with DOGE solidifying its position as one of the top ten largest cryptocurrencies by market valuation, surpassing well-known assets like Cardano and Tron.
Market analysts are closely monitoring Dogecoin’s market performance as a key indicator for Shiba Inu’s potential growth. Should Dogecoin maintain its positive market sentiment, Shiba Inu could mirror this upward trajectory, sparking investor optimism for a bullish breakout in the near future.
According to crypto analyst Ali Charts, SHIB has the potential to reach $0.000049, representing an impressive 85% increase from its current price level if it follows Dogecoin’s recent price performance.
On the technical side, Dogecoin’s chart displays a notable price surge that has breached key Fibonacci retracement levels, with the asset currently hovering near the 0.786 Fibonacci level at $0.41, a significant resistance zone. Analysts believe that if Dogecoin maintains its momentum, it could potentially reach the 1.0 Fibonacci level, signaling further gains. Similarly, Shiba Inu’s chart shows the 0.5 Fibonacci retracement level approaching $0.0000226.
In terms of recent performance, Dogecoin and Shiba Inu have exhibited contrasting price trends. Dogecoin started around $0.3679, experienced a temporary decline, but ultimately recovered to end with a positive change. On the other hand, Shiba Inu faced challenges during the same period, seeing a 3.60% drop and maintaining a negative trend throughout the day.
This divergence in price action underscores the current dynamic between the two tokens. While Dogecoin has demonstrated resilience in the face of market fluctuations, Shiba Inu’s struggle to gain upward momentum raises concerns about its immediate future.
In conclusion, the potential for Shiba Inu to surge by 85% hinges on Dogecoin’s market cap growth and positive performance. Investors are closely monitoring these developments, eager to see if SHIB can follow in DOGE’s footsteps and achieve significant gains in the near future.
(Note: The information provided in this article is for informational and educational purposes only. It does not constitute financial advice, and readers are advised to exercise caution and conduct their own research before making any investment decisions.)