Shiba Inu (SHIB) Price Prediction: Set to Outpace Dogecoin (DOGE) in 2023?

Shiba Inu (SHIB), a popular dog-themed meme coin, is set to outpace its long-time rival Dogecoin (DOGE). Sistine Research, an investment research firm

Shiba Inu (CRYPTO: SHIB) is outpacing its long-time meme coin rival Dogecoin (CRYPTO: DOGE), setting the stage for potential record-breaking gains in 2024.

Sistine Research, an investment research firm, highlighted SHIB’s “interesting” price trends in its recent analysis. The firm’s projections indicate that SHIB could experience humungous gains over the coming year, outperforming DOGE in the process.

Shiba Inu’s Critical Support & Resistance Levels

A closer examination of Sistine Research’s SHIB/DOGE chart reveals a consistent range of support and resistance that has influenced the SHIB price since mid-2021.

According to the chart, SHIB/DOGE has largely traded within two primary price levels. A lower support range spans 0.00008 to 0.000105 DOGE. This range has shown strong buying interest as the SHIB price has consistently rebounded when approaching this zone.

One notable instance occurred between mid-2021 and November 2022 when SHIB experienced a steep drop from 0.0002024 DOGE to 0.0000841 DOGE. At that level, buyers stepped in to support the price, preventing further losses. Thereafter, the Shiba Inu price managed a recovery, reaching 0.0001369 DOGE by February 2023.

Throughout 2023, SHIB repeatedly tested this support zone, with notable instances occurring in mid-June, early July, and early December. The support level was also held in late February this year. Moreover, each such instance led to a rally as buyers defended the price against further declines.

Will SHIB Price Rally To $0.000043?

Above this support lies a critical resistance zone, which Sistine Research notes is between 0.00019 and 0.00023 DOGE. This level has consistently capped the Shiba Inu price’s upward movement as it acts as a barrier against further gains. Each attempt by SHIB to break through this upper range has faced selling pressure, ultimately pushing the price back down.

The most recent such reversal occurred in March, when SHIB dropped significantly after a peak at 0.0002349 DOGE. As of the latest data, SHIB price has continued to pull back against DOGE following this March peak. On the other hand, Dogecoin price has seen a strong price increase over the past few days.

However, Sistine Research suggests that the current support level could once again spur a recovery in SHIB price. The firm projects an uptrend that could push SHIB toward the upper resistance zone, potentially reaching 0.00019 DOGE.

If this rally materializes, it would represent a roughly 95% increase from SHIB’s current trading range, per the CNF report. Also, the Sistine Research report noted that when a similar pattern played out from late February to early March, Shiba Inu’s top at 0.0002349 DOGE marked a 110% rise within a week.

A second chart from Sistine Research, analyzing SHIB/USD, offers an equally bullish outlook. Unlike the SHIB/DOGE chart, the SHIB/USD chart identifies a long-term support around $0.000007. Since reaching a high of $0.00008845 in late 2021, SHIB experienced a steep decline. It then stabilized near this support level in early 2023.

In March, SHIB briefly surged to $0.000045, mirroring its rise against DOGE. However, the price has since fallen from this yearly peak. Currently trading at $0.00001914, SHIB would require a 124% increase to reach Sistine Research’s projected target of $0.000043.

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