A popular analyst, known for his timely altcoin calls, pointed out several cryptocurrency projects. In particular, he says caution is needed for the meme coin Shiba Inu (SHIB). Here are the details…
Altcoin Sherpa warns of SHIB
Cryptocurrency analyst Altcoin Sherpa spoke to his 185k Twitter followers about the popular meme coin Shiba Inu (SHIB). The analyst said the Shiba Inu will lose strength even though it fails to break key resistance levels. At this point, he drew attention to the difference between the biggest meme coin, Dogecoin (DOGE), and SHIB price movements. As we reported on Kriptokoin.com, last week, Elon Musk’s acquisition of Twitter increased the price of DOGE. In fact, DOGE has risen to levels not seen since April. This turned eyes to SHIB, the second largest coin in the meme coin segment. Many expected SHIB to benefit from this momentum as well.
However, according to the analyst, SHIB is currently running late, unable to keep up with the DOGE movement. The analyst states that the current 200-day exponential moving average acts as a particular resistance. This indicates that it is pulling the price back. He thinks the coin should gain acceptance above $0.0014 before higher prices. Currently, the price of SHIB is at $0.00001196, down 4.7 percent.
$0.16 critical for DOGE
As for Dogecoin, Altcoin Sherpa says that the coin, which has risen 120 percent in the last seven days, will rise even higher. He argues that cryptocurrencies have more fuel for bullishness. According to the analyst, the next level will be $0.16. At this point, he states that he will not open a long position or sell short. He even says that in this case, shorting would be “like getting in front of a speeding train.” The analyst uses the following statements:
Wait for the lower level to come. I missed this but I would love to see the new levels.
What are the AVAX and INJ forecasts?
Third on the trader’s watchlist is Avalanche (AVAX). According to altcoin Sherpa, AVAX could rally well if Bitcoin (BTC) remains stable. Pointing to the possibility of a short or medium-term bottom in the altcoin, the analyst states that we are still witnessing a good bounce. Looking at the analyst’s chart, Altcoin Sherpa sees AVAX rising towards its target of $29.11. This indicates an upside potential of about 60 percent from the coin’s current price of $18.22.
The latest cryptocurrency on the investor’s radar is the decentralized platform Injective (INJ). Altcoin Sherpa thinks INJ is poised to finally hit a heavy resistance level. According to the analyst, $2.20 is showing strength as a supply zone in INJ. However, he believes the coin will go to $2.40 in the medium term.
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