- Shiba Inu price hit a monthly high at $0.00001509 before closing October, yielding 55% gains for SHIB holders in the last week.
- Twitter announced its decision to stop work on the crypto wallet, bringing Dogecoin’s price rally to a halt.
- Analysts predict a massive breakout in Shiba Inu as it breaks past the 8-day Exponential Moving Average, a key level that triggered a 30% rally in October.
Dogecoin yielded nearly 100% gains for holders over the past two weeks, and Shiba Inu ended October up 55% for the week. The two cryptocurrencies are in constant competition to lead the pack of meme coins. Analysts have revealed a bullish outlook on Shiba Inu, while Dogecoin’s price rally grinds to a halt.
Also read: Cardano bites the dust as Dogecoin price breaks past $0.15 first time in six months
Shiba Inu ends October above $0.00001509, analysts turn bullish
Dogecoin-killer Shiba Inu yielded double-digit weekly gains for holders in the last week of October. The meme coin closed the month at a high of $0.00001509 and fueled bullish sentiment among SHIB traders.
Interestingly, Shiba Inu has hit a record low against Dogecoin. The SHIBDOGE pair rebounded slightly after a drop to 0.0000841, a record low on November 1. This price level is key to Shiba Inu as it coincides with a descending trendline that served as strong support for the pair since November 2021.
The last two instances when Shiba Inu’s price dropped to said trendline resulted in a 50% rally in January 2022 and a 100% recovery rally from May to August 2022. Each rebound move has hit the primary targets between 0.0002186 to 0.0002536.
SHIBDOGE price chart
If history repeats itself, Shiba Inu price could witness a bullish reversal against Dogecoin and target a 150% rally in the 0.0002186 to 0.0002536 range by Q1 2023.
Twitter halts work on its crypto wallet, interrupts Dogecoin price rally
Elon Musk’s takeover of Twitter and the social media platform’s work on a crypto wallet were two key drivers of bullish sentiment among Dogecoin holders. Therefore, Twitter’s announcement to halt work on its crypto wallet landed a blow to Dogecoin holders as DOGE price took a bearish turn.
Platformer reported details of Twitter’s roadmap under Musk. It reads:
A recently revealed plan to build a crypto wallet for Twitter appears to be on pause as well.
After yielding nearly 100% gains to holders in a period of two weeks, Dogecoin yielded nearly 11% losses overnight. Profit-taking by large wallet investors picked up pace in the last week of October, capping Dogecoin’s gains.
On-chain metrics reveal that whales are satisfied with their recent gains in Dogecoin and may choose to stay on the sidelines unless DOGE price is further discounted. The count of daily active addresses shows a significant uptick, suggesting investors are interested in booking profits in DOGE. Dogecoin witnessed the largest influx of activity from whales. The Dogecoin bull run established in October 2022 with seventeen times higher gains than Bitcoin is therefore in jeopardy.
Analysts predict a bull run in Shiba Inu
Shiba Inu price has crossed above the 8-day Exponential Moving Average, the meme coin’s first reacquaintance with the moving average after October 27. On October 27, the bullish cross catalyzed a 30% rally in Shiba Inu price. As the meme coin touched the 8-day EMA at $0.00001200, the Relative Strength Index (RSI) remained in bullish territory, signaling a continuation of the uptrend.
SHIBUSDT price chart
Tony Montpeirous, technical analyst at FXStreet, argues that Shiba Inu price has the potential to challenge the newly established shorts near the monthly high at $0.00001509. Shiba Inu price could climb 30% from $0.00001191 in its uptrend.
A decline below the $0.00001040 level, just under the 21-day Simple Moving Average, could also invalidate the bullish thesis. This might trigger a sweep of the low at $0.00000970, a 17% drop from the current price level.