Leading altcoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are indicating an upward trend, signaling a breakout rally. Experienced cryptocurrency analyst Michael van de Poppe expressed confidence that the first stage of the bull cycle would result in a positive weekend for crypto enthusiasts. Meanwhile, another cryptocurrency analyst, Rekt Capital, revealed expectations of a major breakout rally for DOGE and SHIB.
“We are in the First Stage of the Bull Cycle”
Renowned cryptocurrency analyst Michael van de Poppe stated that we are currently in the first stage of the bull cycle and expects the market to start exhibiting rollercoaster-like movements soon.
Van de Poppe emphasized that the dynamics of cryptocurrency trading would change with the overall increase in market activity and anticipated a positive trend in the market throughout the weekend. While acknowledging that the liquidity in the cryptocurrency market is not currently high enough to trigger a mega rally, the analyst highlighted that it is still strong.
Dogecoin (DOGE) and Shiba Inu (SHIB) Poised for a Major Breakout, According to Analysts
Another cryptocurrency analyst, Rekt Capital, expressed expectations of a rally for both Dogecoin and Shiba Inu, emphasizing an important breakout in DOGE. The analyst stated that Dogecoin has completed all the necessary steps to confirm the breakout of the channel formation.
Following a successful retest of the $0.000080 support level, Shiba Inu has seen an increase of over 15% in the past 24 hours. Rekt Capital predicts an upcoming rally for SHIB, expecting the price to surpass $0.00001. According to the analyst, for this anticipated rise to occur, the memecoin needs to surpass and maintain a level above $0.0000093.
At the time of writing, SHIB is trading at $0.0000092, recording a 10.23% increase in the past 24 hours. The lowest and highest price levels during this period were $0.00000815 and $0.0000095, respectively. The trading volume of the memecoin also experienced an 81% increase in the past 24 hours.
