A widely followed crypto strategist believes that leading meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) are likely poised to rally together.
Psuedoynmous analyst Kaleo tells his 572,200 Twitter followers that Dogecoin is gearing up for a burst to the upside.
According to the analyst, DOGE appears close to taking out its diagonal resistance on the high timeframe (HTF) at around $0.10.
“When DOGE breaks out above the HTF downtrend here, I think $0.25 is a reasonable target. Gonna be a lot of disbelief on the timeline when the next leg of the squeeze initiates.”
At time of writing Dogecoin is trading for $0.093, a fractional decrease on the day.
The crypto strategist also has his eye on Shiba Inu, which he believes is also setting up for a surge.
“Still think Dogecoin is the better play, but SHIB looks ready to rally alongside it for another leg up from here.”
According to Kaleo, SHIB could start to rally once it takes out its diagonal resistance at around $0.0000115.
“Break the line and send it for the next leg higher.”
Zooming out, the trader believes that a breakout could propel Shiba Inu to print gains of 50% to 100%.
“Helps zooming out and looking at the big picture. 1.5x to 2x squeeze from here might *feel* like a lot, because we haven’t seen alts rally in a while – but it really scratches the surface of what we’ve seen this do in the past when meme coins were rallying.”
At time of writing, SHIB is worth $0.0000112.
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