In the cryptocurrency market, many analysts are closely followed. Cryptocurrency analysts come to the fore by analyzing popular altcoins such as Shiba Inu (SHIB), Solana (SOL), ETH. In this article, we will convey the predictions of 3 analysts for 6 cryptocurrencies. Here are the details…
SHIB, DOGE analyst, comments on Bitcoin, ETH
The trader, known as Altcoin Sherpa, tells his 181,400 Twitter followers that after a week of volatile downward price action, he still believes Bitcoin (BTC) has enough strength to reclaim $28,000 in the near future. The analyst said he expects the lows to hold for now. However, he reiterated his expectation of a sustainable rise. The charting guru then examined Ethereum (ETH) against the Bitcoin trading pair. It highlights May 2021 and January of this year, when ETH is also worth around 0.082400 BTC. It uses the following expressions:
What do we think, will it make it to the top? ETH/BTC has shown incredible strength. Even though I think most of the Merge narrative is over, ETH can still come out on top.”
What’s next for BNB, OP and SHIB?
Next on the analyst’s radar is BNB, the native token of the popular crypto exchange Binance. Altcoin Sherpa says it sees a potential drop around $250, while highlighting the $260 to $322 price range going back to last October. He states that the middle of $200 may become interesting. However, he states that BNB is still one of the best performing altcoins overall.
Switching to meme coin Shiba Inu (SHIB), the analyst says he expects another rally from Dogecoin (DOGE) rival if Bitcoin and Ethereum don’t drop. It uses the following expressions for SHIB:
I’m still in my position. As long as BTC and ETH remain stable, I still think another uptrend will come.
The last coin on the analyst’s list is Optimism (OP), a layer-2 scaling solution for Ethereum. The crypto strategist said he now expects the price to drop below a dollar, following his latest call to expose the altcoin after it rallied significantly in July. He said that maybe a jump could be seen for a short time.
InvestAnswers: Cardano can surpass leading altcoin ETH
On the other hand, the anonymous server of InvestAnswers tells its 443,000 YouTube subscribers that it is watching the decentralized blockchain protocol Cardano (ADA) in relation to the top smart contract platform Ethereum (ETH). The analyst uses the following statements:
Everything is bearish against Ethereum at the moment. But here, the ADA/ETH pair has dropped 68 percent in one year. Sometimes it’s important to zoom out and see exactly what’s going on. It seems to be forming a pretty solid base very close to the 0.00025 level. For Cardano, this should be some kind of bottom.
The analyst says it will be important to see what happens to Cardano’s upcoming Vasil hard fork, which was delayed shortly before its first launch date in June.
The pair trading here is a good time to basically convert your ETH to Cardano if the hard fork is successful for Cardano and adoption comes back.
Is Bitcoin in a bear market?
The crypto analyst then uses the Puell Multiple to gauge whether Bitcoin (BTC) has hit the bottom of the bear market. The metric is determined by dividing the daily issuance value of BTC by the 365-day moving average of the daily issuance value. The server shows a chart highlighting the previous three Bitcoin bottoms in 2015, 2019, and 2020.
Justin Bennett: Solana can bounce
Finally, crypto analyst Justin Bennett says that Solana’s chart is bearish and the positive price action of early August looks like a bull trap. Bennett says the $40 level is a critical area for the Ethereum (ETH) rival. He still looks at $37 as resistance. The move towards Bennett’s targets shows a downside risk for Solana between 21.68 percent and 36.37 percent from its current price.
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