On October 28, SHIBA INU (SHIB) set a new all-time high price. Dogecoin (DOGE) has yet to break through its August highs, but it might be in the early stages of an upward trend. Since October 23, SHIB has been climbing at a rapid pace. After five days of upward trend, the token achieved a new all-time high price of $0.000088.
SHIB, on the other hand, has been declining since then. The fact that the high occurred near a confluence of Fib resistance levels suggests that a short-term top may have been attained. The long-term 1.61 external Fib retracement level and the short-term 4.618 external Fib retracement level were used to make the high. Once the price achieves a new all-time high, both of these frequently function as resistance.
Furthermore, the RSI has shown bearish divergence. This suggests that the price increase hasn't been matched by a corresponding increase in momentum. This frequently results in a price reversal.
The cryptocurrency is trading inside a symmetrical triangle on the shorter-term four-hour chart. Despite the fact that the triangle is a neutral pattern, it is occurring following an upward trend. As a result, a breakout would be the more likely possibility, as it would simply continue the current trend.
So, how about DOGE?
After finishing the current drop, cryptocurrency trader @Altstreetbet presented a DOGE chart in which the token commences an upward rise. While DOGE is failed to break out of the falling resistance line that has been in place since August 16, it has broken out from the descending resistance line that has been in place since August 16. After that, on October 27, it confirmed it as support and rebounded, forming a bullish engulfing candlestick.
This is a bullish candlestick in which the previous day's fall is offset by a gain the following day. Technical indicator data are also supporting the rising trend. The RSI and MACD are both rising. The former is over 50, indicating that it is a momentum signal. This is a bullish trend indicator.
The latter, which is made up of a short and long-term moving average (MA), is positive and growing. This is a bullish trend indicator. The nearest level of resistance is $0.45. If DOGE is able to retake it, it has the potential to rise to all-time highs of $0.74.
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