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.
According to Melker’s chart, XRP is primed to rally to $1.96, marking potential gains of over 64% from its current value of $1.19.
As for Bitcoin, Melker says the leading cryptocurrency looks bearish as the relative strength indicator (RSI), which tracks an asset’s momentum, is flashing signs of weakness.
“It looks like it’s kind of toppy here. We’ve got bearish divergence right. Bearish divergence on the daily [chart]. That usually plays out, especially when it’s coming out of overbought.”
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