Is SHIB Going to be the New DOGE? Could This Meme Coin be the Next Millionaire Maker?
(Photo : Image from Unsplash Website) Is SHIB Going to be the New DOGE? Could This Meme Coin be the Next Millionaire Maker?

Shiba Inu SHB has just emerged as one of the best unexpected investments that is heading into Q4 of 2021. This is with its price rising massively by over 390% during the first week of October 2021.

Meme Cryptocurrency

The spin-off meme crypto, however, is risking wiping most of those gains in the sessions to come. Yuriy Bishko, a certain Ukraine-based market analyst, just recently discussed the potential bearish scenario that based SHIB prices on trends, as seen on TradingView

The price trend actually seems to look very similar to DOGE's market spike earlier this 2021. As an example, SHIB October 2021 prices rallied following five whole months of consolidation in the $0.00000398-wide price range. Quite similarly, DOGE faced a sideways trend in February to April 2021. 

Analysis Regarding SHIB Prices

This is where the bids bounced all the way between $0.0471 and $0.0630, which served as a basis for the new 500%-plus price rally that happened in late April 2021. Bishko noted that traders that bought Shiba Inu tokens during the whole sideways consolidation phase should be able to sell at least 20-30% of their own positions should they still hold after the rally.

SHIB's net breakout stretch then exceeded 500%. It was noted that traders should dump yet another 70-80% of their own net holdings. This is mainly due to Dogecoin's price rally that happened in April 2021, which saw a 60% correction. Once again, the triple in value of SHIB also coincided with a recent tweet by Elon Musk regarding the Shiba Inu crypto.

SHIB Rally in Prices

The whole profit-taking strategy actually appeared as SHIB resumed its own uptrend after falling a massive 41% in price correction during the previous session. SHIB had rallied to almost 27.5% in order to hit an intraday high of a whopping $0.00002919 which was much in line along with similar upside moves that were made across all of the top crypto assets, which include BTC and ETH.

According to the story by CoinTelegraph, small-cap tokens actually typically tail trends in the noted top-cap markets. An example of this is SHIB's 390% quarter to date or QTD price rally, which also coincided with the massive 30% bump of Bitcoin during the same period.

Read Also: Cardano Price Prediction | What are the Top 10 Upcoming Blockchain and DAPP Projects on This Cryptocurrency?

SHIB RSI Analysis

During the exact same time, SHIB's daily relative strength index or RSI identified the crypto's current price valuation as officially overbought. Analysts also consider an RSI reading above 70 as excessively valued when it comes to the asset. For those looking into potential big cryptocurrencies, check out the best cryptocurrencies of September 2021.

This typically results in a follow-up with either a price correction or a new sideways consolidation. A Twitter-based independent market analyst, Bleeding Crypto, anticipates that SHIB could retest its own sessional hgh of a whopping $0.00003528. Before investing in any cryptocurrency, it is important to DYOR.

Related Article: AMC Recognizes Dogecoin as Cryptocurrency to Buy Digital Gift Cards

This article is owned by Tech Times

Written by Urian B.

ⓒ 2021 All rights reserved. Do not reproduce without permission.