Shiba Inu ($SHIB) Tired, Shorting $DOGE Is ‘Like Stepping in Front of a Speeding Train', Says Crypto Analyst

A popular cryptocurrency analyst has suggested that the meme-inspired cryptocurrency Shiba Inu ($SHIB) may be seeing its price rally lose some steam after it surged, along with that of numerous other meme tokens.

Timeline of Dogecoin, Shiba-inu

Dogecoin was struggling in the market right up until the Twitter deal was finalized. However, once the Elon Musk takeover was announced, the meme coin rallied enormously and was up more than 100% in just a matter of days.

Shiba Inu price prediction remains bullish above $0.0000116 as it has increased by more than 1.5% in the last 24 hours and more than 20% in the previous seven days to trade at $0.000012. 

Shiba Inu (CRYPTO: SHIB) was spiking up over 10% higher at one point during Monday's 24-hour trading session, in tandem with Dogecoin (CRYPTO: DOGE), which reached 11.72% over Sunday's 24-hour closing price. The two Shiba Inu-based cryptocurrencies have been trading mostly in unison since Oct. 25, when Dogecoin started to surge higher following news Tesla CEO Elon Musk had told bankers he planned to close his acquisition of the now private social media company Twitter.

Since Tesla chief Elon Musk took over the reins of social networking giant Twitter, nearly $140 million worth of Dogecoin (CRYPTO: DOGE) have been liquidated, even as the popular memecoin continued its stellar performance on Monday, trading up over 10%. Having been widely mentioned by the "Dogefather" — as Musk is known in crypto circles — Doge has gained over 110% over the past week and has reached a market capitalization of a mouth-watering $17.36 billion, with the memecoin trumping Cardano (CRYPTO: ADA) as the eighth largest cryptocurrency.

The ongoing recovery in Shiba Inu price halts at the local resistance of the $0.000014 mark. In addition, the several higher price rejection candles at this supply zone indicate the exhausted bullish momentum and a higher possibility for price reversal.

Benchmark meme token Dogecoin (DOGE) is spearheading an altcoin market bounce, clocking in gains of 114% in the last seven days. DOGE first started moving on news that tech billionaire Elon Musk, one of Dogecoin's most prolific supporters, had successfully taken over social media giant Twitter. Dogecoin rallied over 137% from around $0.

CEO of Tesla and Twitter Inc. owner Elon Musk has made 62% of Dogecoin (DOGE) investors wealthy amid rumours that the memecoin will benefit from Musk's purchase of Twitter. Here's AMBCrypto's Price Prediction for Dogecoin [DOGE] for 2023-24 Elon Musk, a multibillionaire businessman, altered his Twitter bio to “Chief of Twit” on 26 October.

Dogecoin is still riding the wave of the hype that came with the completion of the deal between Elon Musk and the social media platform Twitter. The meme coin had been able to rally towards six-month highs and broke several major resistance levels along the way.

Dogecoin price is exchanging hands at $0.1198 after losing 8% of its value over the last 24 hours. This $16 billion meme coin grew by over 100% in the past week amid an Elon Musk-triggered rally. Dogecoin proponents backed the rally in droves, compelling bullish forecasts to $1.

Dogecoin price is surging in the past few hours after rebounding from the daily lows at around $0.1138. The popular memecoin surged massively in the recent past which elevated the prices from $0.0743 to as high as $0.15, reclaiming the levels it traded before the May 2022 market collapse.