A widely followed analyst and trader is leaning bullish on the Solana-based pet-themed memecoin cat in a dogs world (MEW) while outlining his forecast for Dogecoin (DOGE) and Shiba Inu (SHIB).
The analyst pseudonymously known as Bluntz tells his 283,800 followers on the social media platform X that MEW is “about to break out very soon” after trading in a symmetrical triangle over the past few days.
A symmetrical triangle can be a bullish continuation pattern if an asset takes out its diagonal resistance.
Bluntz shares a chart suggesting that a breakout could send MEW close to $0.011.
MEW is trading at $0.00904 at time of writing, above the pattern’s resistance.
Turning to Dogecoin, the pseudonymous analyst says that despite the emergence of new meme tokens, it would be a “huge mistake” to write off the ninth-largest crypto asset by market cap.
“The thing with DOGE is, basically since inception, it always runs the hardest and most vertically, right towards the end of the cycle after Bitcoin is usually already trading at all-time highs, like legit from rock bottom to 30x in the space of a few weeks.”
Based on Bluntz’s chart of Dogecoin on the three-day time frame, it appears that the flagship memecoin has broken out of a descending trendline that has kept the market bearish since March.
Dogecoin is trading at $0.145 at time of writing, up over 7% in the past day.
The widely followed analyst is also keeping a close watch on Shiba Inu. According to Bluntz, Shiba Inu has broken out of a diagonal resistance, potentially ending a bearish trend that kicked off in the first quarter of 2024.
“If you missed this DOGE breakout, then SHIB or FLOKI is the obvious catch-up play here in my opinion.”
Shiba Inu is trading at $0.000019 at time of writing.
Generated Image: Midjourney