Analyst backs Shiba Inu to rally, traders bullish on new meme coin

Shiba Inu has seen a 4.26% drawdown this week, but a prominent analyst remains unfazed, speculating a new yearly high is on the horizon.

Meanwhile, traders are backing Sponge after its new V2 token rose 33%.

Shiba Inu is breaking out?

Renowned analyst SHIB Knight recently took to X, forecasting a notable rise for Shiba Inu in the coming weeks.

Currently priced at $0.000009554, SHIB has recently found stern resistance below the $0.00001 mark. However, the analyst anticipates a strong breakout after noticing a symmetrical triangle formation on its weekly time frame. 

Higher time frame breakouts often enable more significant price movements, presenting a bullish outlook for SHIB.

SHIB Knight prediction estimates a move to $0.000014, which would be SHIB’s highest price in over one year. 

According to CoinMarketCap data, SHIB’s current yearly high is $0.00001315, occurring this time last year. Consequently, a break above would illustrate notable bullish momentum after a difficult period.

SHIB Knight published the trade idea yesterday when SHIB was trading at $0.0000097; this presented room for a 51.7% gain. But after a slight pullback, it leaves an opportunity for a 55% increase.

The analyst explained that Shiba Inu remains within the symmetrical triangle, and a breakout confirmation has yet to occur. However, he expects this to happen shortly.

Bullish sentiment is widespread across the Shiba Inu community, with some traders eyeing its all-time high (ATH) as the market advances into bull-run territory.

A recent forecast from TradingView analyst Planfomo notes that SHIB is trading inside a descending channel.

He anticipates a break to the upside in the coming weeks, ending its bear market consolidation phase.

According to Planfomo, SHIB’s first stop will be $0.00002. The trader anticipates an uptrend continuation to follow, presenting room for 800% growth to its ATH.

But while SHIB is anticipated to shift bullish in the coming weeks, other meme coins have already begun to rally.

One of those is Sponge V2. The token is up 33%.

Sponge launches on Polygon

In the depths of the 2023 bear market, Sponge rallied.

The surge was powered by its community of 13K holders, 30K social media followers, and listing on more than ten exchanges.

The Sponge team has since launched Sponge V2, a Polygon-native play-to-earn (P2E) meme coin.

While the V1 launched on Ethereum, the new version’s launch on Polygon enables faster and cheaper transactions, ideal for meme coin traders.

Furthermore, the project’s P2E game requires users to buy credits with SPONGEV2, adding a utility demand stream to offset typical meme coin volatility.

Sponge V2 also boasts new staking mechanics, with holders garnering an 893% APY by staking their tokens on the Sponge.vip website.

So far the token is up 33% since Sponge V2’s launch.

Potential investors can buy and stake Sponge from the project’s website with Ethereum (ETH) or Polygon (MATIC).