Shiba INU(SHIB) Price to Follow the Dogecoin(DOGE) Price Rally Soon. $0.000035 Appears Imminent this Week!

The post Shiba INU(SHIB) Price to Follow the Dogecoin(DOGE) Price Rally Soon. $0.000035 Appears Imminent this Week! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Shiba INU and Dogecoin are among the most popular meme coins in the crypto space and often are considered the biggest competitors. Both remained pretty silent for quite a long time until the DOGE price made a huge move to surpass the much-required levels at $0.15 to trade at $0.16.

No doubt both are experiencing a slight pullback but a strong flip may be already pre-programmed. However, with the flip SHIB price is also expected to range high to test the required resistance at $0.0000300 at the earliest. 

Dogecoin(DOGE) Price Analysis

Dogecoin price in the past trading hours broke through the consolidation within the Cup n Handle pattern to reach levels close to $0.179. However, as expected the bears jumped in and dragged the price close to $0.161 levels. In the short term, the asset is displaying a notable chance of plunging back below $0.15 before the day’s close. 

The DOGE price in the early trading hours had smashed the monthly highs at around $0.179 a couple of times. But woefully got rejected each time, forming a double top pattern that resulted in a slight pullback. No doubt the asset managed to halt the descending trend by consolidating within a small range.

But woefully, the price has formed another bearish pattern of a bear flag which may drag the price lower towards $0.145. Here one can expect a minor consolidation followed by a notable rebound. 

Also Read : Best Time Buy Meme Coins! DOGE & SHIB Price Poised For 50% Gains In Next 6 Weeks

Shiba INU(SHIB) Price Analysis

Shiba INU price despite ranging within a compressed channel is displaying the possibilities of igniting a decent uptrend very soon. The support levels are been elevated frequently which displays the strength of the rally being intensified slowly. However, the asset is still expected to continue plunging until it tests the lower support again before rebounding with a strong uptrend. 

As mentioned earlier the resistance and the support levels both are being compressed significantly forecasting the possibility of forming a symmetric triangle ahead. In the short term, the SHIB price may eventually lead back towards the lower support amid the present consolidation phase prevailing within the space. And further attempt to form a clear u-shape reversal, to begin with, an uptrend towards $0.000027 levels at the earliest. 

Collectively, the social sentiments and market sentiments appear to have eased a little since the beginning of the Q2 2022 trade. And hence, the assets also appear to inculcate a similar trend to reach out to their respective resistance. Therefore, despite the Dogecoin(DOGE) price and the Shiba INU (SHIB) price both carry a consolidated trend now, but may jump in action with a change in the trend.