Shiba Inu price rebounds 100% after record lows against Dogecoin — More upside ahead?
Shiba Inu (SHIB) price was at the lowest versus its top rival Dogecoin (DOGE) in November 2022. Three months later, the dynamics have flipped.
On Feb. 4, 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, up almost 100% three months after bottoming out at 0.00000993 DOGE, its lowest level on record.
The sharp recovery came as investors' focus shifted to the impending launch of Shibarium, a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet, announced on Jan. 16.
As Cointelegraph reported, the SHIB price rebound gained momentum amid reports that Shibarium will go live on Feb. 14.
In comparison, Dogecoin's fundamentals looked pale, with Elon Musk suspending a DOGE tipping bot for violating Twitter's rules.
Hey @elonmusk Our Tipping bot @MyDogeTip got suspended for no reason. It was a good bot used to spread Dogecoin across the community. pic.twitter.com/4PTa1siOA7
Nonetheless, both memecoins have had a great start to 2023. SHIB/USD is up almost 85% while DOGE/USD is up 36% year-to-date.
The SHIB/DOGE recovery trend is set to continue in the coming weeks, according to several technical indicators.
Namely, the pair could climb to 0.00002181 by March 2023 based on historic cycles, up around 40% from current price levels, as shown in the chart below.
But while SHIB appears to be in a better position to outperform DOGE, both memecoins face headwinds against the dollar in February.
For instance, Dogecoin risks a small correction versus the dollar in coming days as it paints a potential rising wedge pattern.
Rising wedges are bearish reversal patterns showing the price rising inside two converging, ascending trendlines. They resolve after the price breaks below the lower trendline and falls by as much as the wedge's
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