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Sistine Research, an investment research firm, recently called Shiba Inu price action interesting while comparing it against the dollar and Dogecoin.
The firm believes that Shiba Inu is gearing up to record substantial gains over the next year, potentially outpacing Dogecoin. This comes on the back of a sustained disappointing collapse from SHIB against Dogecoin since mid-October.
SHIB/USD Support and Resistance Levels
The SHIB/DOGE chart, which displays Shiba Inu’s performance against DOGE, reveals an important support and resistance structure.
Data from the chart confirms that from mid-2021 to the present, SHIB/DOGE has traded within two important price ranges. The lower range, which sits between 0.00008 and 0.000105 DOGE, has served as a support zone. SHIB has repeatedly bounced off this level, showing strong buying interest around this area.
For instance, Shiba Inu witnessed a price collapse from 0.0002024 DOGE to 0.0000841 DOGE by November 2022. However, the support at this level held firmly, allowing the bulls to hedge against any steeper declines. SHIB eventually recovered to 0.0001369 in February 2023.
Since then, Shiba Inu has repeatedly retested this support range. This occurred mostly in 2023, particularly in mid-June, early July, and early December. It also occurred in late February this year. Each time, the bulls defended the support and stationed a rally.
Meanwhile, above this support range lies a resistance zone between 0.00019 and 0.00023 DOGE. This level has acted as a ceiling for SHIB’s upward movements.
Each time SHIB approached this upper band, selling pressure forced it back down, creating a substantial resistance barrier. The most recent instance saw SHIB drop massively after it soared to 0.0002349 DOGE in March.
Shiba Inu Poised to Outpace Dogecoin
At press time, Sistine Research’s chart shows that Shiba Inu has continued to retrace against Dogecoin following the March peak. It trades within the lower support range for the second time this year, especially with DOGE witnessing a massive uptick in the past few days.
However, the investment research firm believes the support at this level could again trigger a massive Shiba Inu recovery. They expect this rally to push SHIB toward the upper resistance area, with a projected uptrend to 0.00019 DOGE.
This target suggests a roughly 95% increase from the current trading range. It bears mentioning that when this pattern played out from late February to early March, the 0.0002349 DOGE top represented an impressive 110% rise within a week.
Shiba Inu Potential to Hit $0.000043
The second chart, which measures SHIB’s performance in USD, presents a similarly optimistic outlook. Unlike the SHIB/DOGE chart, this SHIB/USD chart has a long-standing support level around $0.000007.
After hitting its $0.00008845 peak in late 2021, SHIB experienced a steep decline and then stabilized near its established support. Since early 2023, the price has remained within this range, showing low volatility.
SHIB spiked to $0.000045 in March, coinciding with its upsurge against Dogecoin. However, it has since collapsed from this yearly peak.
Sistine Research projects a dramatic move upwards. The firm expects SHIB to reach as high as $0.000043, a target that would mark a significant increase from current levels. Shiba Inu currently trades for $0.00001914, requiring a 124% gain to claim the $0.000043 mark.