The crypto analyst believes that the meme coin could be at the top of a strong bullish line in the coming weeks.
Meme coin is on the rise
Crypto analyst ‘Pentoshi’ tells his 673,700 Twitter followers that he is bullish on SHIB after breaking the resistance at $0.000013. According to the analyst’s technical analysis, if SHIB can hold above $0.000013, it will make a strong move higher.
https://twitter.com/Pentosh1/status/1621653565642096647
The analyst expects ‘the excitement to rise in the next few weeks’ ahead of the Shibarium launch. Shibarium, a layer-2 solution built on the Ethereum blockchain, requires the purchase of SHIB, LEASH, and BONE tokens to use the Layer 2 blockchain.
Top analyst issues warning to Shiba Inu owners
A popular crypto strategist, who correctly said the end of Bitcoin’s (BTC) bull market in 2021, believes that the top meme token Shiba Inu (SHIB) could prepare for bullish price action in the coming weeks. However, pseudonymous analyst Pentoshi told his 673,400 Twitter followers that SHIB looks strong after taking resistance at $0.000013.
Analyst Pentoshi said, “This is a mix of both technical analysis (TA) and fundamental analysis. This month, they’re launching Shibarium, and it’s their own ecosystem. I expect the excitement to rise in the next few weeks.” said. Shibarium is the highly anticipated layer-2 upgrade for the Shiba Inu, built on Ethereum (ETH), similar to Polygon (MATIC). In addition, the developers did not provide exact information on the launch date of the project, but they promise that the beta version will be up and running soon.
At the time of writing this article, SHIB is trading at $0.000015, up about 10% in the last 24 hours. Pentoshi also monitors the interoperability chain Polkadot (DOT). According to the crypto analyst, the DOT is likely heading towards the immediate resistance at $7.88. Instantly, the DOT is trading at $6.85. The analyst said about the DOT:
“DOT looks like it will be making a big debut soon.”
As for Bitcoin, Pentoshi warns that BTC is starting to show signs of exhaustion after failing to break the resistance near $23,900 for the second time. The analyst said, “BTC gave me a warning flag because we had almost two weeks of longer consolidation and then we were unable to pick up the momentum after the breakout.” said. However, looking at Pentoshi’s chart, he predicts a possible move to the $20,500 level for BTC. According to Kriptokoin.com data, Bitcoin is instantly traded at $ 23,366.
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