As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed countless bull runs and bear markets. I’ve seen coins rise meteorically like Satoshi Nakamoto’s Bitcoin and plummet into oblivion like the forgotten PumpkinCoin. In light of Peter Brandt’s recent bullish outlook on Dogecoin (DOGE) and the ongoing bullish sentiments surrounding Shiba Inu (SHIB), I am inclined to believe that this could be a significant turning point for these meme coins.
Crypto veteran Peter Brant has become bullish on Dogecoin (DOGE). At the same time, Shiba Inu (SHIB), the second-largest meme coin’s outlook is also bullish. However, the on-chain analytics platform Santiment suggested that investors might have to wait a while to witness new highs.
Crypto Veteran Turns Bullish On Dogecoin
Experienced cryptocurrency expert Peter Brandt has expressed optimism towards Dogecoin. In a recent post, he proposed that the popular meme coin might experience a significant surge in value soon. Brandt pointed out a breakout on the DOGE chart, which he made public, suggesting that if Dogecoin manages to exceed this channel, it could potentially reach its current record high of $0.7.
The trader additionally pointed out that the future might be promising. He emphasized a past inverted head-and-shoulders pattern seen on Dogecoin’s graph prior to its surge, suggesting that this pattern seems to have repeated itself now, indicating an imminent upward breakout. According to his chart, the trader predicts a long-term price target of $2.5 for the meme currency.
As an analyst, I’m optimistic about Dogecoin’s prospects given the consensus among crypto experts like Crypto Kaleo, who believes that the meme coin has a strong potential to hit at least $1 during this bull run. In fact, Kaleo recently reinforced his prediction, emphasizing that reaching $1 for DOGE isn’t just a joke or a “meme.
According to crypto expert Master Kenobi, Dogecoin’s potential rise to $1 might resemble Bitcoin‘s rapid surge from $10,000 to $20,000 in about two weeks during 2017. However, Master Kenobi thinks that the increase of Dogecoin from its current value of $0.10 to $1 could occur even more swiftly. Master Kenobi is also optimistic that Dogecoin could potentially reach $2 or higher, as suggested by Brandt. He predicts that the rise of Dogecoin from $1 to $2 might happen within a day, at most, two days.
Shiba Inu Is Also Gaining Attention
The perspective for Shiba Inu is positive, as the meme coin has soared by approximately 47% within the last week and currently hovers above $0.00002. Data from Santiment, an on-chain analytics platform, shows a notable increase in discussions about SHIB, with recent topics focusing on Shiba Inu’s burn rate surging by nearly 33,000%, which is believed to have played a role in the price growth.
Simultaneously, Santiment previously noted in a post that Shiba Inu’s on-chain activity is significantly increasing compared to other altcoins and meme coins. Key metrics such as volume, circulation, and social influence have skyrocketed. Furthermore, large transactions have recently reached a 10-week peak.
Santiment cautions that the enthusiasm for Shiba Inu is running high right now, suggesting that a potential local peak may be close at hand. However, they also mention that after some cooling down of these bullish indicators, SHIB could potentially reach its year-high of $0.000043, which it hit earlier in February.
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2024-09-29 02:11