Shiba Inu Price Likely to Double As SHIB Bulls Follow Dogecoin’s Path

Shiba Inu price continued rising on Saturday, as analysts anticipated big moves ahead, with some expecting it to double, mirroring that of Dogecoin. 

Analyst Expects Shiba Inu Price To Break Out

SHIB price was trading at $0.00002735 on November 23, up by 152% from its lowest point in August this year. This rally has brought its market cap to over $16 billion, making it the second-biggest meme coin after Dogecoin. 

One crypto analyst believes that Shiba Inu price could stage a strong rally in the coming days since it is mirroring the performance of Dogecoin. Dogecoin price has outperformed Shiba Inu as it has jumped by almost 500% from its lowest level in August. 

If SHIB replicates Dogecoin’s performance, he expects that it will rise to $0.000049, which is about 85% above the current level. 

Dogecoin and Shiba Inu similarity

Other analysts are optimistic that Shiba Inu will bounce back in the coming days. In an X post, Fortune, an analyst with over 35,000 followers, identified the falling wedge pattern that the coin has formed on the daily chart and hinted that it will soon have a bullish breakout.

Meanwhile, Perpetual Trading noted that Shiba Inu price was “reloading and ready to go”, pointing to more gains in the near term.

SHIB Price Has Supportive Technicals

The daily chart points to more gains as the coin has formed a golden cross pattern with the 50-day and 200-day moving averages crossing each other in late October. It has remained constantly above the two moving averages.

Shiba Inu has also formed a cup and handle chart pattern, a popular bullish continuation sign. This pattern is characterized by a rounded bottom and an upper part at $0.000030. The recent pullback between November 12 and 16 was part of the handle section. 

Shiba Inu price chart

Therefore, by measuring the distance between the lower and upper sides of the C&H pattern, which is 168%, we can estimate that SHIB will peak at around $0.00007236. A conservative target would be a 100% jump from the current level. 

Further supporting the bullish breakout is the fact that the coin has jumped above the 50% Fibonacci Retracement level at $0.000026. Also, the Market Value to Relative Value (MVRV) indicator has pointed upwards.

The bullish SHIB price forecast will become invalid if the coin drops below the lower side of the C&H pattern’s handle at $0.2280.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.