TL;DR
- A popular analyst with almost 140,000 followers on X recently posted charts in regards to the two largest meme coins by market cap.
- While the landscape for Dogecoin appears promising, concerns surround Shiba Inu and its next move.
At first, Ali Martinez noted that the TD Sequential metric, which is used to determine the underlying asset’s trend exhaustion in either direction, has flashed a buy signal for DOGE on the hourly chart.
Previous examples show that the OG meme coin is particularly susceptible to this metric. Recall that it pointed to another buy signal in late February when its price had tumbled below $0.195. Within the next few days or so, it skyrocketed to over $0.24.
DOGE peaked at $0.26 on May 11 as the entire market rebounded from the Trump-induced uncertainty, but has failed to recapture its momentum and was stopped at $0.255 last week after Bitcoin’s latest all-time high .
It has lost 13% of value since then and trades at just over $0.222 now, but the TD Sequential could hint at more upcoming gains.
SHIB’s monthly chart is quite similar to that of its bigger competitor, as it shot up to over $0.000016 in mid-May but has fallen by around 12-13% since then. Martinez noted its recent behavior, which has been consolidating in a descending triangle, potentially leading to a significant 17% move.
Although Martinez didn’t provide a clear direction, the descending triangle is a bearish chart pattern indicating weakening demand, which typically leads to a price correction.
Despite this relatively worrying price structure for SHIB, many industry experts continue to be bullish on the asset. The latest to call it a highly complex tech investment in the crypto industry was Del Crxpto, who believes people will “win” if they study the meme coin and its ecosystem.
