- An analyst has predicted that Shiba Inu (SHIB) could make a significant move to outshine Dogecoin (DOGE) due to the formation of a bullish pattern.
- Meanwhile, another analyst has pointed out the formation of a bull flag which could send DOGE to $0.88.
The sudden surge of Bitcoin (BTC) to $99k has triggered a mass uptick among the top altcoins by a significant margin. Meanwhile, crypto research firm Sistine Research has observed an interesting chart that suggests that Shiba Inu (SHIB) could dominate the meme ecosystem by potentially outperforming its closest rival, Dogecoin (DOGE).
Our Review of This Analysis
Analyzing this thesis, we observed that a crucial support level at $0.00010 for the SHIB/DOGE ratio has been in place since 2022. Meanwhile, the SHIB/USD chart shows an interesting strengthening consolidation pattern.
At press time, SHIB was trading at $0.00002482 after surging by 3% in the last 24 hours and 2.4% in the last seven days.
Dogecoin trades at $0.39 after surging by 1.5% in the last 24 hours and 5% in the last seven days. Fascinatingly, SHIB trails DOGE by more than $40 billion in market cap.
Supporting this position, a renowned analyst identified as Javon Marks has pointed out that SHIB is breaking out of a falling wedge to establish a bullish pattern. According to him, the next move is to reach $0.000081. On October 28, Marks maintained a similar prediction after estimating that SHIB could make a 351% move to reach this target at a significant speed.
$SHIB (Shiba Inu) – Are you prepared for $0.000081!? With SHIB broken out of a recent Falling Wedge pattern and a much larger (unpictured) resisting trend, an over 342% run from here to it could happen ASAP, and this falling wedge break may only help spark the process 🧨! https://t.co/wSz2eVepSp pic.twitter.com/eefYqFGg1N— JAVON⚡️MARKS (@JavonTM1) October 11, 2024
Ali Martinez Subjects DOGE and SHIB to Technical Analysis
Analyzing a similar thesis by analyst Ali Martinez, we uncovered that the dog-themed coin has been consolidating inside a bull pennant. According to our research, Pennant exists as a pattern that has three major parts – a pole, a triangular consolidation channel, and a succeeding breakout.
As found in the chart below, the pole is a sharp uptrend or downtrend, with a consolidation channel succeeding the pole. It is the area where the asset moves within two converging trendlines. As indicated, SHIB is fast approaching the converging point of the bull pennant. This implies that there could be a breakout soon.
It is also important to note that the asset would first have to breach and maintain its level above the $0.000025 level before making this bullish run to the nearest resistance level at $0.000039. According to Martinez, about 54.6 trillion SHIB tokens have been purchased by 40,000 addresses at $0.000025.
Looking into the price potential of DOGE, Martinez, in a separate post, pointed out the formation of a bull flag, which is seen as a continuation pattern. According to Martinez, a validation of this thesis could send the asset to $0.88.
Dogecoin is breaking out of a bull flag, which anticipates a 120% rally to $0.82 as long as the $0.37 support holds.