Thursday, May 30, 2024
Home > News > Cryptocurrency Market > Shiba Inu Volume Flips Dogecoin, Will SHIB Price Flip DOGE If This Analyst’s Prediction Comes True?

Shiba Inu Volume Flips Dogecoin, Will SHIB Price Flip DOGE If This Analyst’s Prediction Comes True?

Shiba Inu is up by 7% in the past 24 hours amidst an uptick in the meme coin market, coming ahead of Dogecoin at this time. The meme coin niche has witnessed a strong resurgence in the past day, with the entire niche up by 7.82%. Shiba Inu has particularly done well and witnessed a strong volume of interest amidst this uptick. Interestingly, this uptick in volume for SHIB has surpassed DOGE, with on-chain data suggesting SHIB could do better in the short term. At the same time, crypto analyst Ali Martinez has revealed a phenomenon that could lead to a 20% upswing for SHIB.

Shiba Inu Volume Flips Dogecoin

Data from Coinmarketcap shows that Shiba Inu has witnessed a trading volume increase of 320% in the past 24 hours. The metric, on Dogecoin’s side, was an increase of 160%. The crypto, which has been trading inside a descending channel for a while, is now appearing to make a push above. 

Related Reading: Analyst Who Predicted Solana’s 1,100% Move Reveals Where The Altcoin Is Headed Next

Although current data from analytics platform IntoTheBlock (ITB) suggests DOGE is still holding on for a longer-term overperformance over SHIB, SHIB is starting to position itself to outperform DOGE in the short term on a cost basis. According to ITB’s holding by time metric, DOGE has seen a 1.86% increase in the number of holders in the past 30 days, compared to a 0.43% increase for SHIB. ITB terms holders as passive investors that have held the asset for more than one year. 

However, the number of cruisers (investors holding between 1 to 12 months) flips the short-term interest in the favor of SHIB. As of this writing, SHIB’s cruisers have increased by +5.69% in a 30-day timeframe. The metric, on DOGE’s side, shows a 2.44% decrease.

Source: IntoTheBlock

SHIB To Breakout Of Parallel Channel

The recent increase in volume and short-term activity suggests that SHIB is ready to break out of a descending parallel channel of lower highs. As pointed out on social media by crypto analyst Ali Martinez, SHIB has been trading in a descending parallel channel since the last week of April. Current price action shows SHIB is now at the upper end of the descending and is at a critical junction for a breakout or reversal. 

Related Reading: Analyst Points Out Level To Beat If Bitcoin Is To Reach $76,000

According to the analyst, a breakout from this channel at $0.00002444 could lead to another 20% upswing to $0.00002954. The price target serves as the highest point of the descending channel under consideration. A further surge could see SHIB returning back to the $0.00003 price territory. 

At the time of writing, SHIB is trading at $0.0000236. Failure to break above $0.00002444 could send the cryptocurrency back down as far as $0.0000211.

Shiba Inu price chart from Tradingview.com (Dogecoin)
SHIB price rises above $0.000023 | Source: SHIBUSDT on Tradingview.com

Featured image from MARCA, chart from Tradingview.com



Source