2 analysts shared their price predictions for Shiba Inu (SHIB), Sandbox (SAND), Ethereum (ETH), Bitcoin (BTC) and Solana (SOL). Here are the expectations and the price levels to follow…
“SHIB looks ready for a 42% rise”
Shiba Inu price reacted positively to US inflation data. Thus, it formed a bullish candle on the daily chart. The second largest meme token swept the shoulders at $0.00001287. However, it pulled back to test the support at $0.00001170 highlighted by the 100-day SMA. But this test in SHIB price backfired. At the time of writing, the meme token was trading at $0.00001236. Now, it is preparing to make a giant move to $0.00001743. Shiba Inu price will continue to outperform competitors like Dogecoin (DOGE) if a breakout offered by the inverted head and shoulders (H&S) pattern confirms. For a bullish SHIB should make a clear break above the neckline resistance as shown in the chart below.
The daily chart above also shows the 50-day Simple Moving Average (SMA) crossing above the 100-day SMA. Although this formation is not a golden opportunity, its emergence will result in an upward movement. Also, coupled with the upcoming H&S breakout; It will strengthen the probability of a rise of 42%. To add confidence to the upbeat narrative of Shiba Inu price, a buy signal should be followed on the MACD. Accordingly, the bullish force on the SHIB will increase as the MACD rises above the average line.
“Bitcoin is approaching a critical threshold”
Analyst Justin Bennett shared his views on Bitcoin as the markets ended the week on a high note. In the latest issue of the Cryptocademy newsletter, Bennett points out that $24,200 is crucial for Bitcoin. He also describes this level as the “go or fall” area for BTC. It will determine the short-term price of Bitcoin, which has been trying to exceed $ 24,200 for the past few weeks. If the leading cryptocurrency makes a daily close above 24,200, the price will rise. According to the analyst, in this scenario, BTC will continue to rise up to $ 25,400. However, if a daily close above 24,200 does not occur, it will cause the price to pull back. In addition, it will lead to a further strengthening of the said resistance. At the time of writing, Bitcoin is trading at $24,522. This represents an increase of over 5% compared to a week ago.
“Ethereum must protect this support”
Bennett then defines a narrow range where Ethereum can swing. Accordingly, $1,780 is a key low that needs to be protected and $2,150 is a potential short-term high. For ETH to remain bullish, the price must close above $1,780. The altcoin is currently struggling around $1,900. If there is a close below $1,780, a major pullback is likely to begin. However, a close above $1,910 has the potential to push the price towards $2,150. Ethereum continues to rise as ETH is currently trading at $1,962.
“Solana has a choppy price action”
Bennett also examined Solana, which is among the layer-1 networks. The analyst states that if the ETH killer moves to the upside, $40 is a key support level. Also, he expects a choppy price action for the SOL. According to the analyst, there is a fairly large triangle pattern in the altcoin price. So it looks like a breakout for SOL is pretty close. If the altcoin holds $40, it could target $47.50, $53 and $60 respectively. However, if the price dips below $40, there is potential for a drop to $32 and $26. Solana continues its positive market momentum, trading at $47.19, as we reported on Kriptokoin.com.
“SAND at an important crossroads”
Bennett concludes his crypto analysis by evaluating the Metaverse coin SAND. The analyst says the Sandbox Metaverse is at an important crossroads. He then claims that if the price breaks above $1.50, there will be significant selling pressure. According to him, SAND is in market volatility. A break higher will open the $1.50 area. A break lower will clear the way for a drop to $1.30 or even $1.00. Sandbox is currently trading at $1.36.
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