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Popular meme cryptocurrency Shiba Inu may soon show outperformance against its key sector rival, Dogecoin. This assessment comes as SHIB's Relative Strength Index (RSI), a measure used to evaluate whether an asset is overbought or oversold, has dropped to 30 on the daily chart against DOGE on Binance.
The last time something like this happened, in late February, the Shiba Inu token was up over 130% against its Dogecoin opponent, and the RSI went well over 84. This in turn created an overbought situation for SHIB against DOGE.
Arman ShirinyanMoreover, the oversold status of Shiba Inu to Dogecoin and the subsequent growth of the former to the latter often led to an increase in the price of SHIB against the dollar. If we take the same example from the end of February, then the price of Shiba Inu token grew by almost 400%.
Meanwhile, the price of DOGE rose by 150%, which despite the stunning result is still two times worse performance than SHIB.
Alex DovbnyaNow the Shiba Inu token is valued at $0.0000173, or 0.00014 DOGE. Let's see where these numbers will be in a month, if the RSI is right and the SHIB is really oversold against DOGE.
However, it is important to note that while past performance can provide insights, it does not guarantee future results. The cryptocurrency market is known for its volatility, and various factors can influence price movements.
Arman Shirinyan
Alex Dovbnya
Dan Burgin