Date: Sun, Dec 01, 2024, 05:49 AM GMT
The cryptocurrency market has started the new month on a bullish note, with several altcoins and memecoins making remarkable upward moves. This comes as Bitcoin dominance declines further to 57.38% from its recent high of 61.53%. Among the notable gainers, Shiba Inu (SHIB), the second-largest memecoin, is stealing the spotlight. SHIB has surged impressively, gaining over 18% in the last 24 hours following a key resistance breakout.
While Dogecoin (DOGE) has already soared by over 168% in the past 30 days, Shiba Inu is quickly catching up, posting a 78% gain during the same period. Technical analysis suggests that SHIB could replicate DOGE’s recent rally, potentially delivering another +64% surge.
SHIB’s Price Action: Following DOGE’s Footsteps
The daily chart for SHIB reveals a price action closely resembling Dogecoin’s movements (shown by the orange line on the chart) before its recent rally. Shiba Inu is currently trading at $0.000031, following a breakout above the critical resistance level of $0.00002930, which has now turned into a support zone.
DOGE’s Rally:
Earlier this month, Dogecoin broke out of a long-term descending channel, sparking a spectacular 168% rally within weeks. This breakout was driven by strong market momentum and renewed investor interest. The similarities in price structure suggest that SHIB could be on a similar trajectory.
SHIB’s Setup:
Shiba Inu has also broken out of its descending channel, signaling the potential for a major upward movement. This breakout has already propelled SHIB to a 78% gain, and with the RSI currently at 69.82, the token still has room for more upside.
If Shiba Inu continues to follow Dogecoin’s path, a +64% rally appears to be within reach. Key resistance levels to watch include $0.00003279 and $0.00004755. If the bullish momentum persists, SHIB could even reach $0.00005162, which would represent a 64% increase from its current price.
Conclusion
Shiba Inu (SHIB) is demonstrating strong bullish signals, with its recent breakout potentially marking the beginning of a significant rally. With market sentiment largely optimistic and Bitcoin’s declining dominance favoring altcoins, SHIB could replicate Dogecoin’s impressive run. Traders and investors should monitor the key levels closely as SHIB appears poised for a potential surge in the coming weeks.
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