Analysts Support Shiba Inu’s Rally, Traders Are Bullish on New Meme Coin
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Shiba Inu saw a decline of 4.26% this week, but the prominent analyst is unfazed and speculates that a new yearly high may be on the horizon.
Meanwhile, traders are supporting Sponge after the new V2 token rose 33%.
A Shiba Inu pops out?
Renowned analyst SHIB Knight recently picked X, predicting a notable rise for the Shiba Inu in the coming weeks.
SHIB, currently priced at $0.000009554, recently found strict resistance below the $0.00001 mark. However, the analyst expects a strong breakout after spotting a symmetrical triangle formation on the weekly time frame.
Breakouts on higher time frames often allow for more significant price movements, suggesting a bullish outlook for SHIB.
SHIB Knight predictions see it moving to $0.000014, which would be SHIB’s highest price in over a year.
SHIB’s current yearly high is $0.00001315, which occurred around this time last year, according to CoinMarketCap data. As a result, a breakout above would show notable bullish momentum after a difficult period.
SHIB Knight presented his trading idea yesterday when SHIB was trading at $0.0000097. This suggests room for a 51.7% gain. However, after a slight decline, there remains an opportunity for a 55% upside.
The analyst explained that Shiba Inu remains within a symmetrical triangle and a breakout confirmation has not occurred yet. But he expects this to happen soon.
Bullish sentiment is widespread throughout the Shiba Inu community, with some traders eyeing an all-time high (ATH) as the market develops into bullish territory.
SHIB is trading within a downward channel, according to the latest forecast from TradingView analyst Planfomo.
He expects the uptrend to halt in the coming weeks, marking the end of the bear market’s consolidation phase.
According to Planfomo, SHIB’s first stop will be at $0.00002. Traders expect the upward trend to continue, suggesting room for ATH to grow by 800%.
However, while SHIB is expected to show strength in the coming weeks, other meme coins have already started to rebound.
One of them is Sponge V2. The token rose 33%.
Sponge is released by Polygon.
Sponge bounced back from the 2023 bear market.
This surge is driven by a community of 13,000 holders, 30,000 social media followers, and listings on over 10 exchanges.
The Sponge team later released Sponge V2, a Polygon-based Play-to-Earn (P2E) meme coin.
V1 was released on Ethereum, but the release of the new version on Polygon enables faster and cheaper transactions, making it ideal for meme coin traders.
Additionally, the project’s P2E game requires users to purchase credits with SPONGEV2, adding a utility demand flow to offset typical meme coin volatility.
Sponge V2 also boasts a new staking mechanism where holders earn 893% APY by staking tokens on the Sponge.vip website.
Since the launch of Sponge V2, the token is up 33% so far.
Potential investors can purchase and stake Sponge on the project website using Ethereum (ETH) or Polygon (MATIC).
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Source: https://crypto.news/analyst-backs-shiba-inu-to-rally-traders-bullish-on-new-meme-coin/
