A Crypto analyst pseudonymously known as Altcoin Sherpa is of the opinion that Shiba Inu (SHIB), a competitor to Dogecoin and an Ethereum challenger will face strong rallies during this market cycle.
The Crypto analyst, Altcoin Sherpa, informs his 172,000 Twitter followers that he is holding on to his heap of SHIB tokens anticipating the price to explode.
According to the trader’s analysis, Shiba Inu SHIB is trading in a wedge pattern which is building for a potential breakout.
On the contrary, Altcoin Sherpa informs other analysts who are of the opinion that the broader crypto markets have done with their bull cycle, saying he believes altcoins have one more leg up and that Bitcoin (BTC) will ultimately stabilize.
The trader is closely looking at the decentralized application platform Near Protocol (NEAR). Altcoin Sherpa believes that NEAR will soon be one of the strongest performers once markets gear up for the bull run.
Meanwhile, talking about Ethereum, Altcoin Sherpa is of the opinion that Ethereum’s chart looks stronger because it holds the 200-day exponential moving average (EMA) as support.
Shiba Inu Price Action
While the cryptocurrency market is facing a decline since most of the majority of cryptocurrencies are trading red with Bitcoin falling by more than 2.5% and Ethereum by more than 1% loss, there is Shiba Inu which has surged by more than 6%.
At the time of reporting, Shiba Inu’s native coin SHIB is trading at $0.00002496 with a surge of 6.94% over the last 24hrs.
Hence if Shiba Inu bulls manage to maintain this pattern, then SHIB will hit $0.00002500 and if Shiba Inu declines then SHIB price might fall below $0.00002300.
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