A well-known analyst and trader, who goes by the pseudonym Bluntz, is sharing his bullish outlook on the Solana-based pet-themed memecoin, cat in a dogs world (MEW), while also providing insights on Dogecoin (DOGE) and Shiba Inu (SHIB).
Bluntz, with a substantial following of 283,800 on the social media platform X, believes that MEW is on the verge of a breakout. The coin has been trading within a symmetrical triangle pattern in recent days, a pattern that could indicate a bullish continuation if the asset surpasses its diagonal resistance. According to Bluntz’s analysis, a breakout could propel MEW towards the $0.011 mark. At the time of writing, MEW is trading at $0.00904, above the pattern’s resistance level.
Shifting focus to Dogecoin, Bluntz cautions against underestimating the potential of the meme token, despite the emergence of new meme coins in the market. He highlights that historically, Dogecoin tends to experience significant price surges towards the end of the market cycle, often after Bitcoin has already reached all-time highs. Bluntz’s chart analysis of Dogecoin on a three-day timeframe suggests that the coin has broken out of a descending trendline that has kept the market bearish since March. Dogecoin is currently trading at $0.145, marking a more than 7% increase in the past day.
Bluntz also shares insights on Shiba Inu, noting that the coin has broken out of a diagonal resistance, potentially signaling the end of a bearish trend that began in the first quarter of 2024. He suggests that for those who missed out on the Dogecoin breakout, Shiba Inu or other similar coins like FLOKI could present catch-up opportunities. Shiba Inu is currently trading at $0.000019.
In conclusion, Bluntz’s analysis provides valuable insights for investors and traders looking to capitalize on the potential price movements in these meme coins. His detailed chart analysis and market predictions offer a roadmap for navigating the volatile cryptocurrency landscape.
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(Image Source: Midjourney)