While the broader cryptocurrency market remained steady during the last weekend, Shiba Inu (SHIB) made a strong move gaining by more than 30%. On Sunday, February 5, the SHIB price touched a new 2023 high of $0.00001553. Along with other altcoins, SHIB too has strongly participated in the crypto market rally this year gaining more than 80% so far.
Interestingly, Shiba Inu is giving tough competition to its immediate memecoin competitor Dogecoin (DOGE). Last Saturday, the SHIB/DOGE pair reached 0.00001638 DOGE gaining by nearly 100% in just the last three months from the bottom of 0.00000993 DOGE.
This strong recovery in the SHIB price has come as investors have been focusing on the upcoming launch of Shiba Inu’s Layer-2 scalability solution Ethereum. Last week, Shiba Inu’s lead developer Shytoshi Kusama confirmed that the development progress of Shibarium is on track.
As per the schedule, the launch shall happen next week around February 14. The launch of Shibarium will improve the scalability prospects of the Shiba Inu blockchain while lowering the gas fees.
Coming back to SHIB/DOGE, the technical trend is likely to continue in the coming weeks. As per the historical trends, the SHIB/DOGE pair should climb to 0.00002181 by March 2023. It means that another 40% gain from the current levels is on the cards.
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So far the broader cryptocurrency market had an impressive start to the year 2023. While top cryptocurrencies like Bitcoin and Ethereum gained over 40% each, some altcoins have displayed even stronger gains to the tune of 70-80 percent.
However, the market sentiment is likely to turn bearish depending on the shifts in the global macros. On the technical chart, Dogecoin (DOGE) is making a potential rising wedge pattern hinting at a small correction in the coming days. Rising wedges usually represent bearish reversal trends showing the price rise taking place in two converging, ascending trendlines.
A price break below the trendline could lead the asset to fall as much as the wedge’s maximum height. As per the DOGE chart, a 10% price correction is possible with a price drop up to $0.0850.
Similarly, the SHIB/USD rally also looks overstretched on the daily chart. The Relative Strength Index (RSI) levels are currently at 81 representing an “overbought” zone.
As of press time, the SHIB price is seeing a strong pullback from a strong resistance zone at around $0.00001517. Currently, SHIB is trading 5% down at a price of $0.00001448. A further retracement is possible and the SHIB price could drop anywhere between $0.00001300–$0.000013000.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.
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