SHIBA INU (SHIB) hits a new all-time high: can Dogecoin (DOGE) replicate itself?

SHIBA INU (SHIB) reached a new all-time high on October 28. Dogecoin (DOGE) has yet to break above its August highs, but is potentially in the early stages of its bullish move.

SHIB has been moving up at a fast pace since October 23. upward movement continued for five days and the token reached a new all-time high of $ 0.000088.

However, SHIB has since moved downward. fact that the maximum has been reached at the confluence of the Fibonacci resistance levels indicates that a short-term maximum may have been reached.

maximum was reached at the long-term external Fibonacci retracement level of 1.61 and the external short-term Fibonacci retracement level at 4.618. Both usually act as resistance once the price reaches a new all-time high.

On top of that, the RSI has generated bearish divergences. This means that the price increase was not accompanied by an equal increase in momentum. This often leads to a price reversal.

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short-term four-hour chart shows that the token is trading within a symmetrical triangle. While the triangle is considered a neutral pattern, it perspires after an upward movement. refore, a breakout would be the most likely option, as it would simply resume the current trend.

If a breakout occurs, the next resistance would be at $ 0.000106. This is the 1.61 Fibonacci outer retracement resistance level when measuring the dip in the triangle.

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And DOGE?

Cryptocurrency trader @Altstreetbet described a DOGE chart, where the token initiates an upward movement after completing the current correction.

Source:

Although DOGE has yet to break above its August highs, it has broken out of the decreasing resistance line in effect since August 16. It subsequently validated it as support on October 27 and rallied, creating a bullish candlestick swallow.

This is a type of bullish candle in which the entire fall of the previous day is canceled with a rise the next day.

bullish move is also supported by the readings of the technical indicators. Both the RSI and MACD are rising.

first, which is an indicator of momentum, is above 50. This is a sign of an uptrend.

latter, created by a short- and long-term moving average (MA), is positive and rising. This is an uptrend signal.

closest resistance area is at $ 0.45. If DOGE manages to get it back, it could rally towards all-time highs near $ 0.74.

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For the background of BeInCrypto bitcoin / »class =» autolink »target =» _ blank »> Bitcoin (BTC) analysis, click here.

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