A popular crypto strategist who correctly called the end of Bitcoin’s (BTC) bull market in 2021 believes that top meme token Shiba Inu (SHIB) may be gearing up for bullish price action in the coming weeks.
Pseudonymous analyst Pentoshi tells his 673,400 Twitter followers that SHIB looks strong after taking out its resistance at $0.000013.
“This one is a mix of both technical analysis (TA) plus fundamental analysis.
TA: it’s empty space if it can break above here.
But this month, they are launching Shibarium, and it’s own entire ecosystem. Expecting hype to pick up in the next few weeks.”
Shibarium is the highly anticipated layer-2 upgrade for Shiba Inu built on top of Ethereum (ETH), similar to Polygon (MATIC). Developers have been tight-lipped on the project’s launch date, but promise the beta version will be up and running soon.
At time of writing, SHIB is trading at $0.000015, up nearly 10% in the past 24 hours.
Pentoshi is also keeping an eye on interoperability chain Polkadot (DOT). According to the crypto analyst, DOT is likely headed toward its immediate resistance at $7.88.
“DOT looking like it might get a big breakout soon.”
At time of writing, DOT is changing hands for $6.85.
As for Bitcoin, Pentoshi warns that BTC is starting to show signs of exhaustion after failing to take out resistance at around $23,900 for the second time.
“BTC gave me a warning flag becase we had a longer consolidation of almost two weeks and then weren’t able to get the momentum after breakout.”
Looking at Pentoshi’s chart, he predicts a possible move down to the $20,500 level for BTC. At time of writing, Bitcoin is worth $23,366.
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