Shiba Inu (SHIB) price has broken out from a descending wedge pattern and is moving towards the top of its range high.
Meanwhile, Dogecoin (DOGE) price is in the process of breaking out from a short-term horizontal resistance level. If successful, it would also confirm a breakout from a nearly 18-month descending resistance line.
Dogecoin Price Prediction: Bullish Breakout Underway
DOGE price decreasing below a descending resistance line since May 2021, when it reached an all-time high price of $0.739. The Dogecoin price fell to a low of $0.049, doing so in June 2022. DOGE bounced afterward, creating a long lower wick (green icon) and validating the $0.056 horizontal area as support.
Currently, the DOGE price is in the process of breaking out from the aforementioned descending resistance line. Since the line has been in place for nearly 18 months, a breakout above it could be the catalyst for a very significant upward movement.
The weekly RSI reading gives a bullish DOGE price prediction. The indicator has generated bullish divergence (green line) and seems to have broken out from its bearish divergence trend line (black).
As a result of these readings, a breakout from the line is the most likely scenario. If so, the next closest resistance area would be at $0.160.
A closer look at the price action shows that the Dogecoin price is in the process of breaking out from the $0.066 minor resistance area. If it is successful in doing so, the next resistance would be all the way at $0.088.
Since a future price of $0.088 would mean that DOGE price has broken out from the long-term descending resistance line, it would likely lead to a continued upward movement.
However, a fall below the Oct. lows of $0.055 (red line) would invalidate the bullish DOGE price prediction and suggest that new lows are expected.
Shiba Inu Price Prediction: Retest of Range High Expected
Shiba Inu price has been decreasing inside a descending wedge pattern since Aug. 25. The descending wedge is considered a bullish pattern, meaning that an eventual breakout from it is expected.
The final touch of the support line of the wedge occurred on Oct. 13 (green icon). While it initially seemed that SHIB had broken down below the 0.0000010 support area, the SHIB price reversed and created a long lower wick, validating the area as support once more.
Afterward, Shiba Inu price broke out from the descending wedge on Oct. 26.
If the upward movement continues as expected, the next closest resistance area would be at $0.0000012.
Conversely, a decrease below the $0.0000092 lows of Oct. 13 would invalidate this bullish SHIB price prediction.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.