One analyst said he expects Shiba Inu to make a “strong” upward move at the end of the current market cycle
Shiba Inu
, calling itself “Dogecoin”
According to one cryptocurrency market analyst, the “killer” will record a significant bullish rally in the near future.
What happened
The analyst, who goes by the pseudonym Altcoin Sherpa, claimed in a recent tweet that he expects Shiba Inu to make a “strong” upward move by the end of the current market cycle. He admitted “I could be very wrong” while holding his ground and waiting for things to unfold.
According to the Altcoin Sherpa chart, the Shiba Inu is expected to make a major move in late April or early May. At this point, a trend line showing a decrease in price volatility will be close enough to expect prices to trade sideways. The short-term exponential moving average above the long-term moving average indicates that the coin will choose an upward direction.
When it comes to fundamentals, Altcoin Sherpa said that Shiba Inu “has nothing” but a “junk coin” that he wants prices to rise because he believes in Bitcoin
will stabilize, giving altcoins “more leads” in this crypto market cycle.
Although the analyst believes that Shiba Inu has no foundation other than as a meme coin, Shib actually powers the decentralized exchange (DEX) and non-fungible token (NFT) ecosystem. In late March, Shiba Inu launched ShibaDEX, a cross-chain DEX capable of trading SHIB with most major crypto assets, including major meme cryptocurrencies like Dogecoin.
