SHIB vs. DOGE: Shiba Inu Signals 'Extremely Oversold' Against Dogecoin
Release: 2024/07/02 21:51 Reading: 302
Shiba Inu Poised to Outperform Dogecoin, Technical Analysis Suggests
Cover image via U.Today
Shiba Inu (SHIB), the popular meme cryptocurrency, may soon surge against its rival Dogecoin (DOGE), according to technical analysis. The Relative Strength Index (RSI) of SHIB against DOGE on the daily chart on Binance has dropped to 30, indicating that SHIB may be oversold.
Historically, when the RSI drops to such levels, SHIB has experienced significant growth against DOGE. In late February, when the RSI fell below 30, SHIB surged over 130% against DOGE. This overbought situation was followed by an increase in SHIB's price against the US dollar.
For example, after the February drop, SHIB's price rose by nearly 400%. During the same period, DOGE experienced a 150% increase, indicating that SHIB's performance was two times better than DOGE.
Currently, SHIB is valued at $0.0000173 or 0.00014 DOGE. If the RSI analysis holds true, SHIB may see significant appreciation against DOGE in the coming month.
However, it is crucial to note that past performance does not guarantee future results. The cryptocurrency market is highly volatile, and various factors can impact price movements.
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