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A sudden one-day surge in Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB) has traders predicting an upcoming rally for the meme crypto leaders.
What Happened: With Dogecoin prices reflecting relatively flat performance over the past week, an analyst who goes by the handle “Kevin” on X explained his thoughts on Dogecoin’s trajectory. He said the meme crypto is still trying to mount a successful bullish test of its macro falling wedge, following its typical 60% bull market correction.
Following Friday’s 5% surge, Kevin predicted that if this test is successful, this could be the last opportunity to buy Dogecoin at its current prices.
As Shiba Inu prices surge, crypto trader Javon Marks asked the crypto community, “Are you ready for $0.000081?” He added that Shiba Inu has broken out of a recent falling wedge pattern and a much larger resistance trend (not shown).
He predicts a 342%+ rally from here, with this falling wedge only helping to “start the process.” $SHIB #SHIBA🔥 #SHIB🔥🔥
Originally launched in August 2020, Shiba Inu is facing the possibility of a drop in popularity. While a bull market could temporarily boost SHIB’s price, analysts warn that any increase may not last. Historical data suggests that popular coins often face significant downturns, and SHIB is not immune to this trend. Despite the challenges, some analysts are expressing optimism about Shiba Inu’s prospects. A recent report suggests that SHIB could see a rebound before the end of the year, with potential price increases of up to 70%. The analysis notes that “observation of market trends and seasonal influences indicate a recovery trajectory for Shiba Inu.” SHIB could fall below the $0.00001750 support level. A possible rise to 0.00002838 $ could occur if market conditions improve. Moving averages and Fibonacci levels suggest higher price targets. The outlook for Shiba Inu remains precarious. As competition intensifies with the emergence of new meme coins, regaining its former strength is a considerable challenge for Shib. Future performance will depend on broader market trends and trader sentiment.