Crypto Analyst Warns Shiba Inu Holders and Forecasting Rallies for Dogecoin .
Traders who might want to jump into Shiba Inu (SHIB) at current levels should exercise caution, says a crypto strategist known for his timely altcoin calls.
Shiba Inu Might be Losing Some Gas After Failing to Break Key Resistance Levels
Twitter user Altcoin Sherpa warns 185,700 of Shiba Inu’s potential decline after failing to break key resistance.
“SHIB: Lagging to DOGE right now. This current 200-day exponential moving average is acting as resistance and price is pulling back. I’d like to see acceptance above $0.00014 before calling for higher [prices],” Alcoin Sherpa said on his Twitter account.
At the time of writing Shiba Inu Price is valued at $0.000011 down 6.67% according to CoinMarketCap.
In the case of Dogecoin (DOGE), Altcoin Sherpa believes there is still more gas left in the tank even after reaching over 120% in the past seven days.
$DOGE .16 next up IMO. I'm not long or shorting this. Shorting stuff like this is like stepping in front of a speeding train; wait for the lower high to come. Missed this one but love to see it. https://t.co/RQZL4XcGdR pic.twitter.com/TBu01aqi0E
— Altcoin Sherpa (@AltcoinSherpa) October 29, 2022
“DOGE: $0.16 next up, in my opinion. I’m not long or shorting this. Shorting stuff like this is like stepping in front of a speeding train; wait for the lower high to come. Missed this one but love to see it,” he said.
At the time of writing Dogecoin price is changing hands for $0.115 according to CoinMarketCap.
Predicting Another Altcoin
The next cryptocurrency on the trader’s watchlist is Ethereum (ETH) competitor Avalanche (AVAX), according to Altcoin Sherpa. If Bitcoin (BTC) remains stable, AVAX could put on a decent rally.
“Could be the short/midterm bottom and we see a decent bounce though,” he explained.
According to Altcoin Sherpa’s chart, AVAX is headed toward his $29.11 target, which suggests an upside potential of nearly 60% from currently priced at $18.22.
As a last resort, traders look into Injective (INJ), a decentralized exchange protocol that allows for spot trading and futures trading. INJ is poised to finally break through a heavy resistance level, according to Altcoin Sherpa.
“INJ: one of the coins I’m eyeing. This overall supply zone has been very strong at $2.20. That said, it’s been tapped several times, and I’m still of the opinion it’s going to go to $2.40ish in the mid term,” he said.
$INJ: 1 of the coins I'm eyeing, this overall supply zone has been very strong at $2.20. That said, it's been tapped several times and I'm still of the opinion it's going to go to $2.40ish in the mid term. pic.twitter.com/J2l5BqdbpL
— Altcoin Sherpa (@AltcoinSherpa) October 28, 2022
At the time of writing, INJ is trading at $2.17 according to CoinMarketCap.