A widely followed analyst and trader is leaning bullishly on the pet-themed Solana-based memecoin cat in a dogs world (MEW) as he outlines his forecast for Dogecoin (DOGE) and Shiba Inu (SHIB).
The analyst, pseudonymously known as Bluntz tells his 283,800 followers on the social media platform
A symmetrical triangle can be a bullish continuation pattern if an asset clears its diagonal resistance.
Bluntz shares a chart suggesting a breakout could see MEW close to $0.011.
MEW is trading at $0.00904 at the time of writing, above the pattern’s resistance.
As for Dogecoin, the pseudonymous analyst say that, despite the rise of new meme tokens, it would be a “big mistake” to write off the ninth-largest crypto asset by market capitalization.
“The problem with DOGE is that, since its inception, it has always run the hardest and most vertically, right towards the end of the cycle, after Bitcoin is usually already trading at all-time highs, like legitimately going from lows to 30x in the space of a few weeks .”
Based on Bluntz’s chart of Dogecoin over a three-day time frame, it appears that the flagship memecoin has broken the downtrend line that has kept the market bearish since March.
Dogecoin is trading at $0.145 at the time of writing, up over 7% in the past day.
The widely followed analyst also keeps a close eye on Shiba Inu. According to Bluntz, Shiba Inu has broken through a diagonal resistance, potentially ending a bearish trend that began in the first quarter of 2024.
“If you missed this DOGE breakout, SHIB or FLOKI is the obvious catch-up game here in my opinion.”
Shiba Inu is trading at $0.000019 at the time of writing.
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Generated image: Midjourney