Shiba Inu price rebounds 100% after record lows against Dogecoin — More upside ahead?

Shiba Inu (SHIB) terms was astatine the lowest versus its apical rival Dogecoin (DOGE) successful November 2022. Three months later, the dynamics person flipped. 

SHIB terms rises 100% versus DOGE

On Feb. 4, 2023, the SHIB/DOGE brace reached 0.00001638 DOGE, up astir 100% 3 months aft bottoming retired astatine 0.00000993 DOGE, its lowest level connected record.

SHIB/DOGE regular terms chart. Source: TradingView

The crisp betterment came arsenic investors' absorption shifted to the impending launch of Shibarium, a Shiba Inu-backed layer-2 blockchain built connected the Ethereum mainnet, announced connected Jan. 16.

As Cointelegraph reported, the SHIB terms rebound gained momentum amid reports that Shibarium volition spell unrecorded connected Feb. 14.

In comparison, Dogecoin's fundamentals looked pale, with Elon Musk suspending a DOGE tipping bot for violating Twitter's rules.

— DogeDesigner (@cb_doge) February 1, 2023

Nonetheless, some memecoins person had a large commencement to 2023. SHIB/USD is up astir 85% portion DOGE/USD is up 36% year-to-date. 

What's adjacent for SHIB/DOGE?

The SHIB/DOGE betterment inclination is acceptable to proceed successful the coming weeks, according to several technical indicators. 

Namely, the brace could ascent to 0.00002181 by March 2023 based connected historical cycles, up astir 40% from existent terms levels, arsenic shown successful the illustration below.

SHIB/DOGE regular terms chart. Source: TradingView

DOGE, SHIB terms downside successful February?

But portion SHIB appears to beryllium successful a amended presumption to outperform DOGE, some memecoins look headwinds against the dollar successful February. 

For instance, Dogecoin risks a tiny correction versus the dollar successful coming days arsenic it paints a imaginable rising wedge pattern.

Rising wedges are bearish reversal patterns showing the terms rising wrong 2 converging, ascending trendlines. They resoluteness aft the terms breaks beneath the little trendline and falls by arsenic overmuch arsenic the wedge's maximum height.

Applying the script connected the regular DOGE terms illustration brings its downside people to $0.0850, down 10% from existent terms levels

DOGE/USD regular terms illustration featuring rising wedge setup. Source: TradingView

Meanwhile, SHIB/USD besides looks overstretched connected its regular chart, based connected its comparative spot scale of 81 — higher than 70 is considered "overbought."

In addition, it's present facing a beardown absorption portion astatine astir $0.00001517 wherever a pullback is likely. If this is the case, February could see SHIB price drop to $0.00001300-$0.000013000 — its astir voluminous country successful caller months, down 13%-20% from existent terms levels.

SHIB/USD regular terms chart. Source: TradingView

Conversely, a interruption supra the $0.00001517-resistance would presumption SHIB for a tally to $0.00001651, the upside people of its prevailing bull pennant setup. 

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.