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
Crypto veteran Peter Brandt has turned bullish on Dogecoin. In a recent X post, he suggested that the foremost meme coin could enjoy a massive rally soon enough. Brandt highlighted a channel breakout on the DOGE chart, which he shared. Based on the chart, Dogecoin could rise to its current all-time high (ATH) of $0.7 if it breaks above that channel.
The trader also remarked that the longer term could be constructive. He highlighted a historical inverse head-and-shoulders pattern that had previously formed on DOGE’s chart before it broke out. Dogecoin looks to have completed this pattern again and is ready for a breakout to the upside. Based on his accompanying chart, the trader’s price target for the meme coin in the long term is $2.5.
This provides a more bullish outlook for Dogecoin, considering that most crypto analysts like Crypto Kaleo have predicted that the meme coin would at least reach $1 in this bull run. Kaleo recently reaffirmed his prediction again, stating that DOGE to $1 isn’t a “meme.”
Crypto analyst Master Kenobi stated that Dogecoin’s rise to $1 could mirror Bitcoin’s 2017 rally from $10,000 to $20,000 in just under two weeks. However, he is confident DOGE’s rally from $0.10 to $1 could even be faster. Master Kenobi also believes that the meme coin could still rally to $2 or higher, just like Brandt predicts. He stated that Dogecoin’s rally from $1 to $2 could happen “in a single day, or two at most.”
Shiba Inu Is Also Gaining Attention
Shiba Inu’s outlook is also bullish. The meme coin has surged over 47% in the last seven days and is back above $0.00002. The on-chain analytics platform Santiment revealed that there has been a significant rise in SHIB’s discussion rate. These discussions have included the recent 33,000% surge in Shiba Inu’s burn rate, contributing to the price surge.
Meanwhile, Santiment also revealed in an earlier X post that Shiba Inu’s on-chain activity is surging compared to other altcoins and meme coins. Metrics like volume, circulation, and social dominance have spike. Whale transactions also recently rose to a 10-week high.
Santiment warned that this indicates that the FOMO toward Shiba Inu is currently high. Therefore, there is a considerable likelihood that a local top is near. The platform added that these bullish metrics might need to calm down slightly before SHIB surpasses its year-high of $0.000043, recorded earlier this February.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
