Dogecoin’s Potential Breakout
Dogecoin, the popular meme coin, is catching the attention of crypto veterans like Peter Brandt. Brandt believes DOGE is poised for a significant rally, pointing to a channel breakout on its chart. He predicts that if DOGE breaks through this channel, it could reach its all-time high of $0.7.
Brandt also highlights a historical pattern on DOGE’s chart that suggests a potential long-term upside. This pattern, known as an inverse head-and-shoulders, has previously signaled a breakout for DOGE. Brandt believes this pattern is forming again, setting the stage for a potential surge to $2.5.
Other analysts like Crypto Kaleo and Master Kenobi share Brandt’s bullish sentiment. Kaleo believes DOGE could reach $1 during this bull run, while Master Kenobi predicts a rapid rise from $0.10 to $1, potentially even faster than Bitcoin’s 2017 rally.
Shiba Inu’s Rise and Potential Caution
Shiba Inu, the second-largest meme coin, is also experiencing a surge. Its price has jumped over 47% in the past week, fueled by increased discussion and a surge in its burn rate.
While Shiba Inu’s momentum is strong, on-chain analytics platform Santiment suggests caution. They observed a spike in Shiba Inu’s on-chain activity, indicating a surge in FOMO (fear of missing out). This could signal a potential local top, meaning the price could be nearing a peak before a potential correction.
Santiment advises that Shiba Inu’s bullish metrics might need to cool down before it can surpass its year-high of $0.000043.
