Doge and Shiba Inu, two popular memecoins, are gaining attention in the altcoin market as they lead the pack in terms of performance. A market analyst has shared insights into the near-term future of these cryptocurrencies, shedding light on the potential bullish upsides.
Looking at a 1-day trading chart of Doge’s performance against USDT, it is evident that the bulls have regained control, with a consistent upward movement. This consolidation period of over 600 days indicates a bullish direction for Doge, although the analyst remains uncertain if it will reach $1.
The analyst, known as Altcoin Sherpa, believes that Doge will experience significant growth during this cycle, and a price of $1 would not be surprising. However, compared to other memecoins like WIF, PEPE, and BONK, Doge may not provide as large gains. Nevertheless, Doge is known for its good liquidity, allowing traders to increase their positions.
Moving on to Shiba Inu, the analyst predicts that it will continue where Doge leaves off. There may be a short-term rally before the market cools down, but the analyst emphasizes that this does not mean the end of the bullish trend for memecoins. The strength of Bitcoin will also play a role in determining the future of altcoins.
At the time of reporting, Shiba Inu is priced at $0.00002069 and remains the second most valued memecoin. It has witnessed a notable comeback alongside other memecoins in the market.
Shiba Inu (SHIB) has seen a significant increase in daily performance, with a 50% rise in value over the past 24 hours and a 115% gain over the past week. Similarly, Dogecoin (DOGE) has experienced a bullish movement, with gains surpassing 140% on a daily, weekly, and monthly basis. The memecoin has reached a new yearly high of $0.14, although it is still down 80% from its all-time high of $0.73.
Despite the price fluctuations, community members are largely optimistic about the future of Doge and Shiba Inu. As the altcoin season kicks off, these memecoins are expected to continue their upward trajectory.