• Dogecoin is struggling to stay above $0.08 while Shiba INU (SHIB) price is close to $0.0001 and may soon pass through the resistance at $0.00001042.
• Trading view suggests that bullish pressure has accumulated and Shiba INU may remain elevated for a longer time.
• Dogecoin recently bounced off from its lows below $0.07 but its price is less volatile compared to other tokens.
Dogecoin, the popular cryptocurrency that has been around since 2013, is struggling to maintain the gained levels above $0.08 while its biggest competitor, Shiba INU (SHIB) has registered a double-digit gain and is currently trading close to $0.0001. Furthermore, yet another token, claiming to be the novel DOGE killer- BONK also appears to get be knocked off and Shiba INU is coming out to be the biggest Dogecoin killer over time. The price with a more than 11% jump at the moment aims to recover 100% loss incurred due to the collapse of the FTX exchange. Now when the SHIB price is hovering very close to $0.0001 a clear pass-through appears to be imminent.
Trading view reveals that the SHIB price is testing the upper trend line that it followed for more than the past 6 months. During the previous attempt to slice through the trend line, the bulls put up a good fight, which reduced the bulls‘ strength significantly. However, the present scenario is slightly different as the bullish pressure has accumulated due to which the price may remain elevated for a longer time frame. Therefore, the Shiba INU (SHIB) price may slice through the trend line and clear the resistance at $0.00001042 any moment from now.
Dogecoin recently bounced off from its lows below $0.07 and laid down a notable upswing thereafter. With the beginning of 2021, the DOGE price was on a constant rise. However, the price of Dogecoin is less volatile compared to other tokens, hence the gains are not as significant as other currencies. For instance, Bitcoin surged almost 300% in the past one year but Dogecoin has gained only about 300%. This could be a major factor hindering the surge of Dogecoin in the market.
In conclusion, Dogecoin is struggling to stay afloat even after the recent rebound while Shiba INU (SHIB) is on its way to break the resistance at $0.00001042. Despite its volatility, the Dogecoin price is relatively less than other tokens, thus affecting its gains in the market.
