A widely followed crypto trader believes that top memecoin Shiba Inu (SHIB) is poised to print massive gains in the coming days.
Analyst Kaleo tells his 605,700 followers on the social media platform X that Shiba Inu looks primed for a run-up after breaking above a horizontal resistance and retesting it as support.
“I think by the time the candles reach the far right side of the screen, well see some green candles hitting the green box.”
Looking at the trader’s chart, he seems to predict that SHIB will soar above $0.000015 in early December. At time of writing, SHIB is trading for $0.00000861, suggesting gains of over 74% if the memecoin hits the trader’s target.
Kaleo is also keeping a close watch on FLOKI (FLOKI), another popular memecoin. According to the crypto strategist, FLOKI may witness rallies if it manages to take out a diagonal resistance around $0.00004.
“Picked up a small bag of FLOKI as well. I want exposure to all of the dog coins, and think this one could get interesting if breaks this high time frame resistance.”
At time of writing, FLOKI is worth $0.000032.
As for Bitcoin (BTC), the analyst thinks that the latest correction is designed to shake out speculators before a rally to a new 2023 high.
“We’re just shaking out bulls with no conviction and trapping a few more bears before the send to $40,000.”
At time of writing, Bitcoin is worth $36,507.
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This article was originally reported on The Daily Hodl.