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- Shiba Inu’s market cap is less than 10% from hitting that of Dogecoin.
- SHIB’s price could reach $0.000050 if buying pressure continues to increase.
- Dogecoin’s momentum became bearish, indicating a likely drop to $0.13.
As the crypto market recovers from March 5’s price crash, interesting things seem to be happening at the meme coin end of the market. This time, it’s with Shiba Inu (SHIB) and Dogecoin (DOGE).
Before the recent collapse, both DOGE and SHIB registered significant hikes, which were still evident at press time. SHIB’s price increased by 234% in the last seven days and has helped the project jump to number 10 on the market cap standings.
DOGE, on the other hand, rose by 71% within the same period and remained the 9th most valuable cryptocurrency. At press time, Shiba Inu’s market cap was $21.7 billion, while Dogecoin was $23.61 billion, indicating a less than 10% difference between them.
If SHIB continues to outperform DOGE, then flipping could be on the cards. However, it is important to evaluate the potential from a technical perspective.
Shiba Inu (SHIB)
As of this writing, SHIB’s price was $0.000038, underscoring how the cryptocurrency was in recovery mode after the initial decline to $0.000027. From the 4-hour chart, bulls defended the $0.000027 level and were able to breach the $0.000035 resistance.
Closing above the resistance implies that SHIB has the potential to flip $0.000040. However, $0.000040 is another resistance area that SHIB might face. Rejection at this phase could drive the price below $0.000035.
Furthermore, the Relative Strength Index (RSI) was 62.20, suggesting that buying momentum had returned. If buyers continue to load up SHIB orders, then the bullish bias could be validated. But invalidation might appear if bears push back the upward momentum.
SHIB/USD 4-Hour Chart (Source: TradingView)
From a bearish perspective, SHIB could decline below $0.000030. However, a highly bullish situation could push the price as high as $0.000050. Depending on its directional strength, Shiba Inu has the potential to flip Dogecoin’s market cap.
Dogecoin (DOGE)
The Awesome Oscillator (AO) on the 4-hour DOGE/USD chart indicated increasing downward momentum. Although the AO reading remained positive, the red histogram bars signaled that DOGE’s previous uptrend had become weak.
However, the price has increased in the last eight hours and is on the verge of breaking the $0.17 resistance. If the price rises past this zone, the Fibonacci extension shows that DOGE could rally much higher.
DOGE/USD 4-Hour Chart (Source: TradingView)
From a bullish point of view, the price of Dogecoin could hit $0.40 (the 4.236 Fibonacci level). However, a bearish market condition could drag the price to $0.13.
The post Shiba Inu’s Market Cap Keeps Dogecoin on Its Heels, Here’s How appeared first on Coin Edition.