The Shiba Inu cryptocurrency broke the trend line of the descending channel much earlier than the price of DOGE, back in mid-August 2022.
However, it seems that the buyers of the older brother DOGE have much more, because in the last week the value of DOGE has increased by +150%
SHIB buyers were able to raise the price by only +50% in the last week, which is 3 times weaker than the price of DOGEUSD. But this is higher than the average result in the cryptocurrency market in general.
In our opinion, the price of SHIBA INU will still be in consolidation and global set position before the start of an upward trend.
Shiba Inu cryptocurrency – main scenarios
So we imagined two possible scenarios for the behavior of the SHIB cryptocurrency:
- Blue is more pessimistic if in the coming days the price will not be able to renew the maximum, and the sellers will push the price down, forming shadows from above. In this case, the correction itself may be prolonged and will be deeper, in the region of $0.00001
- White is more positive if SHIBA buyers can update the price high in the area of $0.000017 in the coming days. The possibility of such a course of events is fueled by the fact that we expect the Bitcoin price to continue to rise.
If we look at the SHIB chart globally, then above we can see 2 liquid levels of $0.000024 and $0.000035, which in the future can act as a magnet for medium-term price growth targets.