SHIBA INU (SHIB) Reaches New All-Time High – Can Dogecoin (DOGE) Replicate?

SHIBA INU (SHIB) Reaches New All-Time High - Can Dogecoin (DOGE) Replicate?

SHIBA INU (SHIB) reached a brand new all-time excessive value on Oct 28. Dogecoin (DOGE) has but to maneuver above its Aug highs however is probably to start with phases of its upward motion.

SHIB has been shifting upwards at an accelerated fee since Oct 23. The upward motion continued for 5 days, and the token reached a brand new all-time excessive value of $0.000088. 

However, SHIB has been shifting downwards since. The incontrovertible fact that the excessive was made at a confluence of Fib resistance ranges signifies that it’s potential {that a} brief-time period high has been reached. 

The excessive was made on the lengthy-time period 1.61 exterior Fib retracement degree and the brief-time period 4.618 exterior Fib retracement degree. Both of those typically act as resistances as soon as the worth reaches a brand new all-time excessive. 

In addition to this, the RSI has generated bearish divergence. This signifies that the rise in value has not been accompanied by an equal enhance in momentum. This typically results in a value reversal.

Chart By TradingView

The shorter-time period 4-hour chart exhibits that the token is buying and selling inside a symmetrical triangle. While the triangle is taken into account a impartial sample, it’s transpiring after an upward motion. Therefore, a breakout could be the extra probably choice, since it might merely resume the continued development.

If a breakout happens, the following resistance could be at $0.000106. This is the 1.61 exterior Fib retracement resistance degree when measuring the drop within the triangle.

Chart By TradingView

What about DOGE?

Cryptocurrency dealer @Altstreetbet outlined a DOGE chart, by which the token initiates an upward motion after finishing the present correction.

Source: Twitter

While DOGE has but to even transfer above its Aug highs, it has damaged out from the descending resistance line in place since Aug 16. Afterwards, it validated it as help on Oct 27 and bounced, making a bullish engulfing candlestick. 

This is a kind of bullish candlestick by which the whole lower from the day before today is negated by a rise the following day.

The upward motion can also be supported by technical indicator readings. Both the RSI and MACD are rising. 

The former, which is a momentum indicator, is above 50. This is an indication of a bullish development. 

The latter, which is created by a short- and an extended-time period shifting common (MA), is optimistic and rising. This is an indication of a bullish development. 

The closest resistance space is at $0.45. If DOGE manages to reclaim it, it might enhance in the direction of the all-time highs close to $0.74.

Chart By TradingView

For BeInCrypto’s earlier Bitcoin (BTC) analysis, click here.

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