SHIB vs. DOGE: Shiba Inu Signals ‘Extremely Oversold’ Against Dogecoin

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As a researcher with experience in the cryptocurrency market, I have observed the trend between Shiba Inu (SHIB) and Dogecoin (DOGE) closely. The recent drop in SHIB’s RSI to 30 against DOGE on Binance has piqued my interest, as this is a level that has historically preceded significant outperformance for SHIB against its key sector rival.

As a cryptocurrency analyst, I have observed that Shiba Inu (SHIB) may exhibit superior performance compared to its close rival, Dogecoin (DOGE). This observation is based on SHIB’s Relative Strength Index (RSI), which has dipped to 30 on the daily chart against DOGE on Binance. A reading of 30 or below indicates that an asset is oversold, potentially setting up a buying opportunity.

Previously, around late February, the value of Shiba Inu token surged more than 130% relative to Dogecoin, with its Relative Strength Index (RSI) reaching above 84. This indicated that SHIB was overbought compared to DOGE.

As an analyst, I’ve observed that the significant overselling of Shiba Inu relative to Dogecoin frequently results in a price surge for SHIB against the US dollar. For instance, at the end of February, the value of Shiba Inu token experienced nearly a 400% increase.

SHIB vs. DOGE: Shiba Inu Signals 'Extremely Oversold' Against Dogecoin

During this period, DOGE‘s price surged by an impressive 150%. Nevertheless, SHIB managed to outperform it with a double digit gain.

Currently, the Shiba Inu token is priced at approximately $0.0000173 or around 0.00014 Dogecoin. If the Relative Strength Index (RSI) is accurate and SHIB is indeed oversold compared to DOGE, we can expect these values to change within a month.

Keep in mind that previous results may offer valuable information, but they cannot assure the outcome in the future. The unpredictable nature of the cryptocurrency market necessitates consideration of numerous elements affecting price fluctuations.

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2024-07-02 17:01