Shiba Inu and Dogecoin Price Prediction: Prepare for Spectacular Gains Only if This Level Is Broken

23 November 2022, 13:30 GMT+0000
Updated by Geraint Price
23 November 2022, 13:30 GMT+0000
In Brief
  • DOGE broke out from a descending resistance line.
  • It created a double bottom pattern.
  • SHIB is trading in a range between $0.0000097 and $0.0000076.
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The Dogecoin (DOGE) price has broken out from a long- and short-term resistance line. And the Shiba Inu (SHIB) price is trying to reclaim the top of its range.

Dogecoin Price Prediction: Double Bottom Leads to Rally 

Dogecoin is the largest meme coin based on its market cap. The Dogecoin price has fallen below a descending resistance line since Nov. 1. The downward movement led to a low of $0.07 on Nov. 9. The Dogecoin price has been increasing since and broke out from the resistance line during the past 24 hours.

Prior to the breakout, the DOGE price created a double bottom pattern, which was combined with bullish divergence in the RSI (green line).

As a result, the short-term DOGE price prediction is bullish. An increase toward average prices of $0.11 is the most likely scenario.

Dogecoin (DOGE) Price Prediction
DOGE/USDT Chart By TradingView

As for the long-term movement, the weekly chart also provides a bullish outlook. The Dogecoin price has broken out from a long-term descending resistance line in place since the all-time high.  

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After the breakout, it was rejected by the $0.12 resistance area, beginning a downward movement that was seen in the rest of the crypto market. Currently, the DOGE price is validating the line as support.

Moreover, the weekly RSI is validating the 50 line as support. If both these validations are successful, an upward movement is expected. 

If, however, the Dogecoin price manages to move above the $0.12 resistance area, the rate of increase could accelerate greatly.

Dogecoin (DOGE) Price Weekly
DOGE/USDT Chart By TradingView

Shiba Inu Price Generates Bullish Divergence

The Shiba Inu price has decreased underneath a descending resistance line since Aug. 15. The line caused several rejections at the beginning of Nov.(red circle), initiating a downward movement that has also been seen in the rest of the cryptocurrency market.

Additionally, it caused a breakdown from the $0.0000097 area, which is now expected to provide resistance (red icon). 

In any case, the daily RSI has generated bullish divergence. Moreover, the SHIB price has created a double bottom pattern. As a result, an upward movement is likely, taking the SHIB price to the resistance line once more. A potential breakout from the resistance line at $0.000011 would accelerate the rate of increase.

Conversely, a rejection from the $0.0000097 area or the resistance line would be bearish.

Shiba Inu Price Resistance
SHIB/USDT Chart By TradingView

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.