A closely followed cryptocurrency analyst and trader said that meme coin Shiba Inu (SHIB) looks poised to hit an all-time high, predicting an epic rally for XRP.
In a new video, analyst Scott Melker said that Shiba Inu’s rival Dogecoin is bullish after taking in the cross resistance that has kept it in a downtrend for the past few weeks.
SHIB was trading at $0.00005272 at the time of writing.
Expects Rise for XRP too
The crypto analyst is also watching XRP closely. According to Melker’s chart, XRP is poised to rally to $1.96, pointing to potential gains of over 64% from the current $1.19.
As for Bitcoin, Melker says the leading cryptocurrency is in a bearish trend as the relative strength indicator (RSI), which tracks an asset’s momentum, is showing signs of weakness.