A closely followed crypto strategist and trader says meme coin Shiba Inu (SHIB) looks poised to rally to its all-time high and predicts an epic rally for XRP.
In a new strategy session, analyst Scott Melker tells his 110,000 YouTube subscribers that Shiba Inu looks bullish after taking out a diagonal resistance that has kept the Dogecoin (DOGE) competitor bearish over the last few weeks.
“I bought it because it’s breaking out on the chart and I think it can go back to the highs… This thing has a ton of volume. We’re seeing this four-hour candle is the biggest in a few days, breaking out. I love that. My target’s up here ($0.000089).”
At time of writing, SHIB is trading at $0.000053.
The crypto strategist is also keeping a close watch on open-source digital currency XRP, which he says has also taken out its diagonal resistance and retested it as support.