A popular cryptocurrency strategist predicts that the leading meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) will likely start a new rally together.
The analyst, known to the crypto market by the nickname Kaleo, first said that Dogecoin is poised for an upside boom. told. According to the analyst, DOGE is about to break through its diagonal resistance on the high time frame (HTF):
“I think $0.25 is a reasonable target as DOGE breaks above the HTF downtrend here. There will be a lot of insecurity on the chart when the next leg of the jam starts.”
At press time, Dogecoin is trading slightly lower on the day at $0.093. A rally towards the analyst’s target represents an increase of over 125% for the meme coin.
The other meme coin on the crypto strategist’s radar is Shiba Inu. Analyst SHIB forecast is as follows:
“I still think Dogecoin is the better game, but SHIB looks ready to rally with DOGE to move up.”
According to Kaleo, SHIB could start a recovery after breaking the resistance around $0.0000115.
“It will break the resistance and be sent to the next leg.”
Detailing his analysis, the trader said, a potential breakout could allow the Shiba Inu to take 50% to 100% gains.
“The 1.5x to 2x compression from here can *feel* a lot because we haven’t seen altcoins rally in a while – but it superficially beats what we’ve seen it do when meme coins rally in the past.”
You can follow the current price action here.