Shiba

Sponge

Axie Infinity

Polygon

Shiba Inu

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. 
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%. 
<h2 class="wp-block-heading" id="strong-shiba-inu-is-breaking-out-strong">Shiba Inu is breaking out?</h2> 
Renowned analyst SHIB Knight recently took to X, <a href="https://x.com/army_shiba/status/1760604104399704307?s=20" target="_blank">forecasting</a> 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.&nbsp; 
 You might also like: <a href="https://crypto.news/axie-infinity-co-founder-loses-nearly-10m-from-crypto-wallet-hack/"> Axie Infinity co-founder loses nearly $10m from crypto wallet hack </a> 
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.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/n55rrjg3AoDhdLaYj7pnRNS6LRyJUiDM8KnokNswtpWkborrsDotxTiMEuRaQAI6ijc0Lr6B_wvDH5HcO-boOMORLOdzpu2qBW2rpyzX44Ool3O5l8BiaKar3KHvnUc34zcS49jRf_CoHpuNxVID3S0" alt="Analyst backs Shiba Inu to rally, traders bullish on new meme coin - 12">
</figure> 
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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/aeS3oOo1unxILs8l88MQ_mksBUfNERFcT0rbprdjyJKtlGYRIimnscoTDW9Kb1glqPlHENnpGShyuXdgDPPMlivq2_ihtnUO3kWjsr2VnAlGCX0_SaCUt1noQvC5XV-rNVh4I7kSp_rGnfdt5maEzLU" alt="Analyst backs Shiba Inu to rally, traders bullish on new meme coin - 13">
</figure> 
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. 
 You might also like: <a href="https://crypto.news/ftx-receives-go-ahead-to-sell-its-stake-in-ai-startup-anthropic/"> FTX receives go-ahead to sell its stake in AI startup Anthropic </a> 
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 <a href="https://www.tradingview.com/chart/SHIBUSDT/vIRjE37x-SHIB-ShibaInu-Trading-Idea/" target="_blank" rel="noopener">notes</a> 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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/XQVUUC592kSbu6W7Pno7fwa17K3z5xNtHNp7kLQmyNU-B_54fr8t_7xbYPQ6ZfQwkEfSNqjBJP7c05WCoLfC7HtEZ-kiBSlGohIjDUgaTNs_vVkzHCMN3MPTD5IHwK6cbAryTf-VEE7fczy1L1c0Ac0" alt="Analyst backs Shiba Inu to rally, traders bullish on new meme coin - 14">
</figure> 
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%. 
<h2 class="wp-block-heading" id="strong-sponge-launches-on-polygon-strong">Sponge launches on Polygon</h2> 
In the depths of the 2023 bear market, <a href="https://bs_0b2c3363.crypto-news.care/?referrer=analyst-predicts-shiba-inu-12-month-high-with-55-uptick-as-traders-also-back-new-meme-coin-for-success" target="_blank" rel="noopener">Sponge</a> 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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/OmIfme_BtOqPC5gp0zDrZtASh05KJMsDl_Lo3wQ-Pz4-YCwer38PToxeS36-OT8e3jdAZu8tO3uSB3qEgFzvGE4jHM2_qDq7J76lZj32iAZEz0XmqBGUVdyTfr1iMrsq0pP_frTmCTWqEpTi1Nfy5S0" alt="Analyst backs Shiba Inu to rally, traders bullish on new meme coin - 15">
</figure> 
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. 
 You might also like: <a href="https://crypto.news/dogecoin-bulls-target-1-sponge-v2-uptrend-remains/"> Dogecoin bulls target $1, Sponge v2 uptrend remains </a> 
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). 
 Read more: <a href="https://crypto.news/sponge-rallying-up-470-as-investors-keep-watch/"> Sponge rallying, up 470% as investors keep watch </a> 
 Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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

Table of Contents

crypto.news

Other articles published on Feb 23, 2024

Smart Money Investing At Crypto Dip

Sell-off alert: Cardano chart hints toward imminent ADA price drop

Bitcoin Outperforms Major Assets in Long-Term Growth

Vitalik Buterin Proposed Using AI to Reduce Hacker Attacks in Blockchain Projects

After Dencun, Ethereum devs set sights on Electra upgrade

ChatGPT’s Crypto Predictions Put Memeinator at 50x Gains in 2024

Join our free newsletter for daily crypto updates!