Shiba Inu Sprints While Dogecoin Walks: How Much Has Shiba Outpaced Doge In The Last Month?

Shiba Inu SHIB/USD is trading higher Friday as it rebounds from a few down days. Shiba Inu has been the crypto of choice while Dogecoin DOGE/USD takes a rest.

In the last 30 days, Dogecoin opened at $0.252 and now sits at $0.261, an increase of 3.57%, while Shiba Inu opened at $0.00001348 Oct. 5 and now sits at $0.00005588, an increase of 314%.

Shiba Inu was up 22.09% at $0.00006177 over a 24-hour period as of Friday afternoon. 

Shiba Inu Daily Chart Analysis

• Shiba looks to be consolidating in what technical traders call a sideways channel after making a large run the last 30 days.
• The $0.00009 level has been an area where the crypto couldn’t cross above after making its run. The $0.000035 level was where resistance previously was, and as old resistance can become support, the crypto could see a bounce near this area in the future.
• The crypto is trading above the 50-day moving average (green), indicating recent sentiment in the crypto has been bullish.
• The 50-day moving average may hold as a possible area of support in the future.
• The Relative Strength Index (RSI) has dipped the last few days and now sits at 57 on the indicator. This shows buying pressure still outweighs selling pressure overall.

What’s Next For Shiba Inu?

Bullish traders are looking to see the crypto continue to bounce, as it is possibly beginning to bounce Friday. Bulls would then want to see the crypto build higher lows up to the resistance and break above it. Consolidation above the resistance level may let Shiba Inu keep pushing higher.

Bearish traders are looking to see the stock continue to fade lower and eventually break below the potential support line. Holding below the support line could be a signal Shiba Inu is ready to continue moving lower.