• Market analyst sheds light on the near-term future of Doge and Shiba Inu, spotlighting bullish upsides as altcoin rallies.
• Altcoin season kicks off with Doge and Shiba Inu leading the pack as two of the best-performing memecoins.

Note: Analytical data in this article is as of March 2nd, 2024

A notable cryptocurrency analyst has outlined the potential for two of the market’s most favored memecoins Dogecoin and Shiba Inu. As both assets join the broader altcoin market to make a highly anticipated recovery, sentiments amongst community members are mixed. However, a pseudonymous analyst is attempting to shed light on the possibilities that lie ahead.

As shown in a 1-day trading chart depicting Doge’s performance against USDT, Doge bulls have reclaimed the upper hand, with a consistent bullish formation moving in an upward direction.

As the analyst Altcoin Sherpa explained, the consolidation recorded over the 600 days positions Doge in a bullish direction. Although he remains uncertain that $1 might be attained.

“Doge: Several notes on this one. It’s going to go crazy this cycle, I don’t know what. $1 wouldn’t honestly surprise me. Chart itself looks good, consolidated for like 600 days. Given the overall mc, this one is NOT going to give you as big of gains as WIF/PEPE/BONK/etc. But that’s ok bc you can still size up bc this one always has good liquidity.” The analyst asserted.

Doge and Shib join altcoin rally, securing massive daily and weekly gains

Going further, he made a bullish remark about Shib, saying that the memecoin will continue where Doge stops. A short-term rally might be experienced before the market returns to a lower level.

“I’m guessing this and shib will take turns leading. Good indicator for where we are at in the cycle or mini cycle to be honest. might be some cooling after these memes continue. No, I’m not saying it’s over or anything, just that we might have a few months of chill for alts. Depends how strong btc is.” He added.

At report time, Shiba Inu is priced at $0.00002069. Maintaining its position as the second most valued memecoin, the memecoin has joined its counterparts to make a notable comeback.

As the new month kicks off, Shiba Inu (SHIB) bulls have maintained an upward trajectory, resulting in a spike in daily performance. Over the last 24 hours, SHIB has raked in a 50% increase in value, while 7-day gains have soared by more than 115%.

Similarly, rival memecoin Dogecoin (DOGE) has mirrored Shib’s bullish movement. Daily, weekly, and monthly gains have surpassed 140% as Doge bulls increase buying pressure. As a result, the memecoin has hit a new yearly high of $0.14. Although Doge is still down by 80% from its $0.73 all-time high, community members are largely bullish at this time.

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