SHIB vs. DOGE: Shiba Inu Signals 'Extremely Oversold' Against Dogecoin

Shiba Inu: Poised for Outperformance Against Dogecoin

Cover image courtesy of U.Today

Shiba Inu (SHIB), the popular meme cryptocurrency, may exhibit superior performance compared to its primary rival, Dogecoin (DOGE). This projection is driven by SHIB's Relative Strength Index (RSI), an indicator that gauges whether an asset is overbought or oversold, falling to 30 on Binance's daily chart against DOGE.

A similar scenario played out in late February, resulting in a 130% surge in SHIB against DOGE, with an RSI exceeding 84. This overbought condition paved the way for SHIB's price appreciation against DOGE.

Historically, SHIB's oversold status relative to DOGE has often been followed by a significant price increase for SHIB against the US dollar. In February, for instance, the value of SHIB jumped by nearly 400%.

Currently, SHIB trades at $0.0000173, equivalent to 0.00014 DOGE. If the RSI holds true and SHIB remains oversold against DOGE, we may witness significant price gains for SHIB in the coming month.

Please note that historical performance does not guarantee future outcomes. The cryptocurrency market remains volatile, and multiple factors can affect price movements.