An altcoin reminiscent of Dogecoin’s 2021 rally is showing bullish signs on its monthly chart, according to new technical analysis.
This altcoin is set to surprise investors
Dogecoin rose 160% in just 24 hours on Twitter news later in October, proving that it is still on the list of individual investors. Now its biggest rival, the Shiba Inu (SHIB), is displaying a refreshing bullish outlook that could soon lead to an explosive move. Technical analyst Akash Girimath attributes this trend to a recent breaking point. The analyst stated that this level, marked in the chart below, indicates an increase of 35%. In such a case, SHIB price will complete an explosive rally to $0.0000125.
SHIB is currently grappling with the monthly support level of $0.00000933 which is the starting point of the explosive rally. This resistance was strong enough to withstand four bearish attempts. So the chances of SHIB getting out of here in a new try are also high. Technical indicators such as RSI also support the bullish outlook.
On the technical side, the RSI data showed results in Shiba’s favor. This indicator produces a bullish divergence that occurs when momentum increases. But the price action has yet to reflect that. The result of this technical formation is a trend reversal that supports the bulls.
Can SHIB compete with Dogecoin’s 160% rally?
Shiba Inu is currently preparing for a 35% rally based on the above technical scenario. Therefore, traders should watch close to the next critical resistance at $0.0000127 that Shiba Inu price will re-test. Although this move creates a 35% gain, turning the same level to a support floor will open the way for SHIB towards the $0.0000202 resistance. As a result, this increase represents a gain of 124% for investors.
Dogecoin successfully completed one such rally a few weeks ago. Therefore, the forecast of a 124% increase for the Shiba Inu price is not outside the realm of probability. Unlike Doge, SHIB needs to stay above the $0.00000933 support on the monthly timeframe. This level is also one where the bears will stand by for selling. If the wall of the bears is strong enough, there is a chance that the Shiba will fall to the downside again 0.00000689. SHIB is currently trading at $0.00000933 at the starting point of the scenario.
The Shiba Inu also supports the above technical view with a number of fundamental improvements. The meme token has been accepted by various stores and companies as a payment method throughout the year. As Kriptokoin.com, we have included the latest partnership news in this article. It was one of the negative news in the definite drop in the number of wallets holding SHIB.
42907
