A widely followed crypto analyst says that Dogecoin (DOGE) competitor Shiba Inu (SHIB) and one Ethereum (ETH) challenger will have strong rallies during this market cycle.
The pseudonymous analyst Altcoin Sherpa tells his 172,000 Twitter followers that he’s sitting tight on a stack of SHIB waiting for a price explosion.
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According to the trader’s analysis, SHIB is trading in a wedge pattern, coiling for a potential breakout.
“I’ve still got my bag and still going forward with the plan on DCA [dollar-cost averaging] and just averaging in. I still believe this moves hard at the end of this cycle. Could be way wrong, but let’s see. Will just sit and hold it for a bit.”
Altcoin Sherpa says that, contrary to other analysts who think that the broader crypto markets have finished their bull cycle, he thinks altcoins have one more leg up and that Bitcoin (BTC) will ultimately stabilize.
The closely tracked trader is also looking at decentralized application platform Near Protocol (NEAR). According to him, NEAR will be one of the strongest performers once markets wake up.
“I think $15ish (and around here) is fine to DCA if you believe this to still be one of the strongest performers. I personally do, and I am going to just hold this past all-time highs.”
As for Ethereum (ETH), Altcoin Sherpa is taking a contrarian stance in an otherwise cautious climate of market sentiment. He says ETH’s chart looks strong as it holds the 200-day exponential moving average (EMA) as support.
“People getting overly emotional in my opinion. I still think this chart looks pretty good. 200-day EMA still support, bullish market structure on the one-day [chart]. I still think this is fine. Buy the dip.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/WinWin artlab/Alexey Malkov
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