Dogecoin (DOGE) and Shiba Inu (SHIB) Price Prediction: 50% Bull Rally on the Horizon


Shiba Inu (SHIB) price has broken out of a descending wedge pattern and is trending towards the top of its higher range.

Dogecoin (DOGE) price is in the process of breaking above a short-term horizontal resistance level. If successful, it would also confirm a breakout from the nearly 18-month descending resistance line.

Dogecoin Price Prediction: A Bullish Breakout Is Underway

DOGE price has been falling below a descending resistance line since May 2021, when it reached an all-time high of $0.739. Dogecoin price fell to a low of $0.049 while doing so in June 2022. DOGE later rebounded, forming a long lower wick (green icon) and validating the $0.056 horizontal area as support.

Currently, DOGE price is in the process of breaking above the above descending resistance line. Since this line has been in place for almost 18 months, a breakout above it could be the catalyst for a very significant upward move.

The weekly RSI reading gives a bullish DOGE price prediction. The indicator has generated a bullish divergence (green line) and it seems to have broken out of its bearish divergence trend line (black).

As a result of these readings, a breakout from the line is the most likely scenario. If so, the next nearest resistance area will be at $0.160.

Dogecoin (DOGE) Resistance Price Breakout
DOGE/USDT chart by TradingView

A closer look at the price action shows that Dogecoin price is in the process of breaking the $0.066 minor resistance area. If it manages to do so, the next resistance will be at $0.088.

As the price of $0.088 in the future would mean that DOGE has broken above the long-term descending resistance line, a sustained upward move is likely.

However, a fall below the October low of $0.055 (red line) would invalidate DOGE price bullish predictions and would indicate that new lows are expected.

Dogecoin (DOGE) Price Short-Term
doge/usdt chart by trading view

Shiba Inu Price Prediction: High Range Retesting Expected

Shiba Inu price has been declining since 25 Aug in a descending wedge pattern. The descending wedge is considered a bullish pattern, which means that an eventual breakout is expected from it.

The final touch of Waze’s support line happened on October 13 (green icon). Although it initially looked like SHIB had broken below the 0.00000010 support area, SHIB price reversed and formed a long lower wick, validating the area as support once again.

Later, the price of the Shiba Inu broke through a falling wedge on 26 October.

If the upward move as expected continues, the next nearest resistance area will be $0.0000012.

Conversely, a decline below the October 13 low of $0.0000092 would invalidate this bullish SHIB price prediction.

Shiba Inu (SHIB) Price Prediction Breakout
SHIB/USDT chart by TradingView

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