SHIB USD

Shiba Inu price rebounds 100% after record lows against Dogecoin — More upside ahead?

February 5, 2023 Coin Telegraph

SHIB price technicals hint at another possible 40% rally for Shiba Inu versus Dogecoin as Shibarium comes into focus.

Shiba Inu (SHIB) price was at the lowest versus its top rival Dogecoin (DOGE) in November 2022. Three months later, the dynamics have flipped.

SHIB price rises 100% versus DOGE

On Feb. 4, 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, up almost 100% three months after bottoming out at 0.00000993 DOGE, its lowest level on record.

*SHIB/DOGE daily price chart. Source: TradingView*

The sharp recovery came as investors' focus shifted to the impending launch of Shibarium, a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet, announced on Jan. 16.

As Cointelegraph reported, the SHIB price rebound gained momentum amid reports that Shibarium will go live on Feb. 14.

In comparison, Dogecoin's fundamentals looked pale, with Elon Musk suspending a DOGE tipping bot for violating Twitter's rules.

Hey @elonmusk

Our Tipping bot @MyDogeTip got suspended for no reason. It was a good bot used to spread Dogecoin across the community. pic.twitter.com/4PTa1siOA7
— DogeDesigner (@cb_doge) February 1, 2023

Nonetheless, both memecoins have had a great start to 2023. SHIB/USD is up almost 85% while DOGE/USD is up 36% year-to-date.

What's next for SHIB/DOGE?

The SHIB/DOGE recovery trend is set to continue in the coming weeks, according to several technical indicators.

Namely, the pair could climb to 0.00002181 by March 2023 based on historic cycles, up around 40% from current price levels, as shown in the chart below.

DOGE, SHIB price downside in February?

But while SHIB appears to be in a better position to outperform DOGE, both memecoins face headwinds against the dollar in February.

For instance, Dogecoin risks a small correction versus the dollar in coming days as it paints a potential rising wedge pattern.

Rising wedges are bearish reversal patterns showing the price rising inside two converging, ascending trendlines. They resolve after the price breaks below the lower trendline and falls by as much as the wedge's maximum height.

Applying the scenario on the daily DOGE price chart brings its downside target to $0.0850, down 10% from current price levels

*DOGE/USD daily price chart featuring rising wedge setup. Source: TradingView*

Meanwhile, SHIB/USD also looks overstretched on its daily chart, based on its relative strength index of 81 — higher than 70 is considered "overbought."

In addition, it's now facing a strong resistance zone at around $0.00001517 where a pullback is likely. If this is the case, February could see SHIB price drop to $0.00001300-$0.000013000 — its most voluminous area in recent months, down 13%-20% from current price levels.

*SHIB/USD daily price chart. Source: TradingView*

Conversely, a break above the $0.00001517-resistance would position SHIB for a run to $0.00001651, the upside target of its prevailing bull pennant setup.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

August 14, 2022 Coin Telegraph

Altcoin

The Shiba Inu breakout appears almost ten days after SHIB's addition to Binance Card.

Shiba Inu (SHIB) broke out of its prevailing "cup-and-handle" pattern on Aug. 14, raising its prospects of securing additional gains in the coming weeks.

Shiba Inu could soar 50%

A cup-and-handle appears when the price falls and rises in a U-shaped trajectory in the first stage, followed by a swift move sideways or downward in the second. Notably, the price trend develops under a common resistance level.

Typically, cup-and-handle patterns resolve after the price breaks above the resistance level; SHIB did the same on Aug. 14 after rising 27% to $0.000016, as shown below.

Per the rule of technical analysis, a cup-and-handle breakout target is determined by measuring the distance between the pattern's lowest point and resistance line and adding it to the breakout point. As a result, SHIB could head toward $0.00002253.

In other words, a 50% price rally by September.

A nonsense rally, nonetheless?

Fundamentally, Shiba Inu's 27% intraday price rally on Aug. 14 had no visible catalysts except a metric showing that SHIB's burn rate surged by 825% in a day. But the amount of burned SHIB is worth only over $4,500.

*Shiba Inu burn rate. Source: Shibburn.com*

On the whole, however, the Shiba Inu network has burned over $6.36 million worth of SHIB tokens in its lifetime.

In addition, the Shiba Inu rally came almost ten days after Binance's announcement to add SHIB support on its payment cards issued in Europe. In doing so, the crypto exchange raised SHIB's potential to find new users in the emerging European cryptocurrency space.

We are pleased to announce that @binance has added SHIB to the list of supported tokens for the Binance Card issued in Europe.

You can now pay with SHIB at 60+ million merchants worldwide. Furthermore, get up to 8% cashback and zero annual or FX fees!https://t.co/0Xj7IXPyt0 pic.twitter.com/FqINtnHFWx
— Shib (@Shibtoken) August 5, 2022

Weak fundamentals could offset SHIB's technically bullish bias, however, given tha cup-and-handle setups have only a 61% success rate in meeting their profit targets, according to veteran analyst Tom Bulkowski.

Therefore, a failed cup-and-handle breakout—also on a pullback from the 200-day exponential moving average (200-day EMA; the blue wave in the chart below) near $0.00001755—could have SHIB eye an initial correction toward $0.00001306, down 20% from today's price.

Shiba Inu's cup-and-handle setup could fizzle because of the token's overbought daily relative strength index (RSI). Notably, the RSI has crossed above 70, which typically results in a period of sideways consolidation or correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Uniswap price risks 45% crash by September despite Robinhood listing

July 15, 2022 Coin Telegraph

Coin Telegraph

Robinhood listing brought UNI some of its recent gains but it doesn't guarantee an extended bull run.

The latest Uniswap (UNI) chart pattern suggests that investors should be prepared for a correction after gaining nearly 20% over the past week.

A 45% UNI price crash ahead?

UNI's price has been trending upward since mid-June inside what appears to be a "rising wedge," which traditional analysts view as a bearish reversal pattern due to its history of luring bulls into buying fake-out bounces.

Therefore, rising wedges resolve after the price breaks below the lower trendline. Traders typically calculate a rising wedge's downside target by subtracting the distance between its upper and lower trendline from the breakdown point.

*UNI/USD daily price chart featuring 'rising wedge' setup. Source: TradingView*

That puts UNI's downside target at $3.8 by September 2022, down 45% from today's price if the breakdown begins near $6.52. However, the target would shift upward to $4.65 if the breakdown originates at the apex, i.e., where the wedge's trendlines converge, resulting in a drop of 32.25% from today's price

Interestingly, a rising wedge also formed between February and April. The pattern snapped a 65% upside move, with a broader 70% price slump that took UNI's value to $3.56 per unit from around $12.50.

UNI price bullish catalysts

Simultaneously, Uniswap has also been painting an inverse head and shoulders (IH&S) pattern with an upside target sitting around $9.50, up 40% from current price levels.

*UNI/USD daily price chart featuring IH&S setup. Source: TradingView*

The bullish setup has one fundamental backing: Robinhood.

Notably, the U.S.-based zero-fee trading app announced on July 14 that it had added Uniswap to its portfolio of cryptocurrencies for its 22.8 million retail investors.

UNI is now on Robinhood @Uniswap #CryptoListing https://t.co/KBoYMziAyc
— Robinhood (@RobinhoodApp) July 14, 2022

Robinhood's listing doesn't guarantee an extended bull run, however, as the market has witnessed in Shiba Inu's (SHIB) case.

Notably, the firm's decision to list SHIB assisted the token in rising by almost 20% on April 12 but couldn't help it hold on to its gains. SHIB's price has crashed by nearly 60% since its Robinhood's listing.

DOGE days of summer: Shiba Inu gains 40% on Dogecoin two months after record lows

July 8, 2022 Coin Telegraph

Coin Telegraph

SHIB price remains at risk of falling further against DOGE due to weak technicals.

Shiba Inu (SHIB) has grown stronger against its top "memecoin" rival Dogecoin (DOGE) in the last two months, in part due to the token's periodic token burning events and a flurry of project announcements that promises to boost its utility.

Why is the SHIB price rallying?

In detail, SHIB/DOGE gained a little over 40% after bouncing from 0.0001120 on May 12, its lowest level on record.

*SHIB/USD four-hour price chart. Source: TradingView*

Coin burn is the most logical explanation behind SHIB's recent rally against DOGE.

The process involves sending SHIB tokens to a wallet without a master, i.e., removing them out of circulation permanently against the total one quadrillion supply (half of which were sent to Ethereum's co-founder Vitalik Buterin.

The Shiba Inu network has burnt more than 410 trillion SHIB tokens (~$4.5 billion at today's price) from its initial supply, according to data tracking portal ShibBurn.com.

*Shiba Inu supply. Source: ShibBurn.com*

Dogecoin does not boast a coin burn feature and comes with an uncapped supply. That could give traders a reason to accumulate SHIB over DOGE, primarily during a crypto bear market when almost all digital assets fall against the U.S. dollar.

JUST IN: $SHIB @Shibtoken is back on top 10 purchased tokens among 1000 biggest #ETH whales in the last 24hrs

Peep the top 100 whales here: https://t.co/jFn1zIOq03

(and hodl $BBW to see data for the top 1000!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/2o5A0yhHy4
— WhaleStats - BabyWhale ($BBW) (@WhaleStats) July 5, 2022

As a result, SHIB's losses against the U.S. dollar since May 12 stand around -7.5% versus DOGE's 17.5% losses in the same period.

*SHIB/USD versus DOGE/USD daily price chart. Source: TradingView*

The Shiba Inu ecosystem grows

Shiba Inu's launch came with a promise that it would be a better version of Dogecoin.

The project attempted so by offering some potential applications, such as smart contracts and an exclusive decentralized exchange called ShibaSwap that enables users to stake SHIB for "BONE" and "LEASH," two other tokens within the Shiba Inu ecosystem.

*ShibaSwap trading volume. Source: Nomics.com*

On July 6, Shiba Inu's pseudonymous developer Shytoshi Kusama (not to be confused with the blockchain project Kusama), teased followers with the launch of an "algorithmic stablecoin" called SHI, coupled with a reward token "TREAT" and a collectible card game for its metaverse.

On the other hand, Dogecoin has Elon Musk, the CEO of Tesla and SpaceX, who has already enabled DOGE payments at the companies' online merchandise stores and is playing with the idea of doing the same on Twitter.

Earlier this week, Musk's Boring Company also enabled Dogecoin payments for its Las Vegas transit system "Loop."

What's next for SHIB/DOGE

SHIB's ongoing rally against DOGE risks exhaustion due to a classic bearish reversal pattern.

Notably, SHIB/DOGE has been fluctuating inside a rising wedge, defined by two ascending, converging trendlines. Rising wedges typically resolves after the price breaks below their lower trendlines, accompanied by a rise in trading volume.

In theory, the breakdown move could pull the price to the level whose length is equal to the maximum distance between the wedge's upper and lower trendlines. The chart below shows SHIB/DOGE in a similar setup.

*SHIB/DOGE daily price chart featuring 'rising wedge' breakdown setup. Source: TradingView*

As a result, the pair risks falling to the 0.0001233-0.0001348 range depending on its breakdown point, a 15-20% drop from current price levels.