Benzinga - A pseudonymous crypto trader and analyst noted momentum in the meme coin space, stating, “dog coins on the move” as Shiba Inu (CRYPTO: SHIB) begins “to run.”
What Happened: Kaleo on Saturday said that the meme coin had broken above a horizontal resistance.
The analyst said, "I think by the time the candles reach the far right side of the screen, we'll see some green candles hitting the green box."
Based on the trader’s analysis, SHIB appears to be on track for a price escalation in early December, potentially surging above the $0.000015 mark.
As it stands, SHIB is currently trading at $0.00000861, which would translate to an increase of 74% should it ascend to Kaleo’s projected target.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Beyond SHIB, Kaleo has also turned attention to another meme coin, FLOKI (CRYPTO: FLOKI). The analyst said a possible bullish scenario for FLOKI should it successfully clear a diagonal resistance that hovers around $0.00004.
Kaleo noted, "Picked up a small bag of FLOKI as well. I want exposure to all of the dog coins, and think this one could get interesting if it breaks this high time frame resistance." Currently, FLOKI is trading at $0.000032.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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