Due to the price increase of Dogecoin (DOGE), comments for Shiba Inu (SHIB), the second largest meme coin, are now gaining momentum. In this article, we’ll take a look at the developments that two analysts have pointed out for the SHIB forecast. One of these analysts is particularly famous for predicting this year’s Bitcoin (BTC) drop. Here are the details…
DOGE parity is important for the analyst’s SHIB forecast
According to analyst Yashu Gola, the bullish pattern on SHIB/DOGE dropped to its lowest level ever on November 1st. The price level then coincided with a descending trendline that has served as a strong support for the pair since November 2021. The Shiba Inu’s previous decline to the aforementioned trendline occurred in May 2022, before a 100 percent rebound rally. Similarly, in January 2022, SHIB/DOGE recovered more than 50 percent in less than a month.
All recovery moves from SHIB/DOGE hit the 0.0002186-0.0002536 range as primary upside targets, according to the analyst. Based on the Fib line range, the analyst points to the possibility that the upside target of SHIB is in the 0.0002186-0.0002536 range. Also, if history repeats, SHIB could see a sharp uptrend against DOGE once again. That is, the analyst points to the possibility of a price increase of at least 150 percent by the first quarter of 2023. Additionally, the pair’s daily relative strength index (RSI) has dropped to historic lows. Now, it points to extremely oversold conditions. According to the analyst, this indicates that a recovery is likely in the near future.
Crypto Capo shared this chart for SHIB
More clues about a SHIB/DOGE pair rally come from the performance of these memecoins against the US dollar. As we reported, the DOGE price soared with Elon Musk’s takeover of Twitter. This pushed DOGE’s daily RSI above 95 at the end of October. This marked the most purchases since April 2021. According to the analyst, the coin remains technically overbought as of November 3. It points to a possible price correction in the coming days.
In other words, Dogecoin could drop from current price levels to $0.055, or 60 percent, by the end of 2022, as previously reported. cryptocoin.com As we reported earlier, Crypto Capo, a crypto analyst who correctly predicted drops in Bitcoin price, shared a chart for SHIB. According to the chart, the SHIB/USDT pair could face a short-term price correction at $0.00001088 as a result of fluctuations in an ascending triangle range. Also, a break below $0.00001088 risks triggering an ascending triangle breakout.
Crypto Capo became particularly famous for his predictions for price crashes. In the summer, he said that Bitcoin could return to a 22-month low of $17,000. This prediction has come true in the past months. Also, Capo correctly predicted the drop to $50,000 in BTC last year. More than two years ago, he correctly predicted the $3,500 level in the price of BTC.
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