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Dogecoin (DOGE) & Shiba INU (SHIB) Prices Jump- All Thanks to Elon Musk! Again!

12 Nov, 20222 min readAltcoins
Dogecoin (DOGE) & Shiba INU (SHIB) Prices Jump- All Thanks to Elon Musk! Again!

Dogecoin (DOGE) Price Analysis

The Dogecoin, decoupling from the market trends, surged significantly high after rebounding from its bottoms at $0.0732. Meanwhile, it faced a minor rejection from $0.088, but with the fresh bullish push, the DOGE price rose, slicing through the bearish pattern. However, the upswing may still not be validated as the possibility of the token dropping back to the bearish pattern still prevails.

The DOGE price has successfully raised beyond the pattern, but also flashed the possibility of quick bearish action. Meanwhile, if the bears enhance their strength, then a significant drop may drag the price below $0.08 and compel them to test the lower support at $0.0721. Conversely, if the token continues to range high, then it may reach the immediate resistance above $0.1 in the coming days.

Shiba INU (SHIB) Price Analysis

Shiba INU price has been experiencing a huge descending trend ever since the FTX exchange collapsed, a couple of days ago. While the bearish market conditions also fueled the descending trend, the recent Dogecoin price rally uplifted the SHIB price to some extent. However, the upswing may not be completely validated as it appears to be just a short-term bounce, trapping the bulls at local highs.

The SHIB price had broken down from the pivotal levels at $0.00000962 and successfully regained the levels above quickly. Woefully, the price faced a massive rejection at the interim high of $0.0000105, which squeezed the rally towards the bottom. Presently, the SHIB price is heading back towards the same levels and appears to drop below the levels very soon as the buying volume appears to have faded out heavily.

Collectively, the Dogecoin (DOGE) and Shiba INU (SHIB) prices appear to have undergone a short-term bounce, trapping the bulls at the local highs.

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