A widely followed cryptocurrency analyst and trader is leaning bullish on the second-largest memecoin by market capitalization.
The analyst pseudonymously known as Bluntz tells his 302,600 followers on the social media platform X that a “god candle”, a massive candlestick denoting a rapid and sustained upward price action, is loading for Shiba Inu (SHIB) as the Dogecoin (DOGE) rival attempts to break above a resistance level that has been in place since March.
“shib god candle loading”
The widely followed analyst further says,
“I’m convinced retail [investing crowd] is going to pump SHIB when the meme bid comes back because it’s a dinosaur coin that they still have in their wallets from last cycle.”
SHIB is trading at $0.0000316 at time of writing.
Against its Bitcoin (BTC) pair, Bluntz says that Shiba Inu is in a “bargain basement pricing” zone.
The analyst is also leaning bullish on Dogecoin. According to the analyst who regularly applies the Elliott Wave theory in his technical analysis, Dogecoin has formed a five-wave pattern on the four-hour chart of its US dollar pair and the eight-hour chart of its Bitcoin pair.
Per the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
“This is the last chance to get a good entry on DOGE before the breakout, all waves within triangle accounted for on USD and BTC pair.
Don’t say you weren’t warned.”
Dogecoin is trading at 0.00000430 BTC ($0.436) at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
