Shiba Inu and Dogecoin Price Prediction: Prepare for Spectacular Gains Only if This Level Is Broken

The Dogecoin (DOGE) price has broken out from a long- and short-term resistance line. And the Shiba Inu (SHIB) price is trying to reclaim the top of its range.

Dogecoin Price Prediction: Double Bottom Leads to Rally 

Dogecoin is the largest meme coin based on its market cap. The Dogecoin price has fallen below a descending resistance line since Nov. 1. The downward movement led to a low of $0.07 on Nov. 9. The Dogecoin price has been increasing since and broke out from the resistance line during the past 24 hours.

Prior to the breakout, the DOGE price created a double bottom pattern, which was combined with bullish divergence in the RSI (green line).

As a result, the short-term DOGE price prediction is bullish. An increase toward average prices of $0.11 is the most likely scenario.

As for the long-term movement, the weekly chart also provides a bullish outlook. The Dogecoin price has broken out from a long-term descending resistance line in place since the all-time high.  

After the breakout, it was rejected by the $0.12 resistance area, beginning a downward movement that was seen in the rest of the crypto market. Currently, the DOGE price is validating the line as support.

Moreover, the weekly RSI is validating the 50 line as support. If both these validations are successful, an upward movement is expected. 

If, however, the Dogecoin price manages to move above the $0.12 resistance area, the rate of increase could accelerate greatly.

Shiba Inu Price Generates Bullish Divergence

The Shiba Inu price has decreased underneath a descending resistance line since Aug. 15. The line caused several rejections at the beginning of Nov.(red circle), initiating a downward movement that has also been seen in the rest of the cryptocurrency market.

Additionally, it caused a breakdown from the $0.0000097 area, which is now expected to provide resistance (red icon). 

In any case, the daily RSI has generated bullish divergence. Moreover, the SHIB price has created a double bottom pattern. As a result, an upward movement is likely, taking the SHIB price to the resistance line once more. A potential breakout from the resistance line at $0.000011 would accelerate the rate of increase.

Conversely, a rejection from the $0.0000097 area or the resistance line would be bearish.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

The post Shiba Inu and Dogecoin Price Prediction: Prepare for Spectacular Gains Only if This Level Is Broken appeared first on BeInCrypto.

Related Posts

Digital identity platform integrates with zkSync for on-chain KYC

RNS.ID’s on-chain KYC solution is designed on a “privacy engine” to encrypt users’ data., a digital Web3 identity platform developed to support the application and issuance…

European Central Bank blasts Bitcoin —community responds

After the European Central Bank released a blog post on the shortcomings of Bitcoin, the crypto community on Twitter took to the comments to defend the cryptocurrency….

Ukraine to launch CBDC to fight crisis – Will it be based on Stellar Lumens?

Ukraine plans to make its Stellar-based CBDC to support retail cryptocurrency payments.  Stellar has also been partnering with other countries to develop their CBDCs. The National Bank…

Should you start your crypto trading journey?

Interest in digital currencies has increased considerably during the last couple of years, so the vast world of cryptocurrencies lures more and more individuals. Though, there are…

Cardano partners with 2 industry leaders in Web3 – Will it drive ADA price to $2?

Cardano’s commercial arm EMURGO announced investments in OAK Network and SubQuery protocol to expand its footprint in the Web3. The total number of smart contracts built atop…

Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite…

Generated by Feedzy