A widely followed cryptocurrency analyst and trader is leaning bullish on the second-largest memecoin by market capitalization.

The analyst pseudonymously known as Bluntz tells his 302,600 followers on the social media platform X that a “god candle”, a massive candlestick denoting a rapid and sustained upward price action, is loading for Shiba Inu (SHIB) as the Dogecoin (DOGE) rival attempts to break above a resistance level that has been in place since March.

“shib god candle loading”

The widely followed analyst further says,

“I’m convinced retail [investing crowd] is going to pump SHIB when the meme bid comes back because it’s a dinosaur coin that they still have in their wallets from last cycle.”

SHIB is trading at $0.0000316 at time of writing.

Against its Bitcoin (BTC) pair, Bluntz says that Shiba Inu is in a “bargain basement pricing” zone.

The analyst is also leaning bullish on Dogecoin. According to the analyst who regularly applies the Elliott Wave theory in his technical analysis, Dogecoin has formed a five-wave pattern on the four-hour chart of its US dollar pair and the eight-hour chart of its Bitcoin pair.

Per the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.

“This is the last chance to get a good entry on DOGE before the breakout, all waves within triangle accounted for on USD and BTC pair.

Don’t say you weren’t warned.”

Dogecoin is trading at 0.00000430 BTC ($0.436) at time of writing.