Shiba Inu Price Short Term Predictions According to Bloomberg Analysts
Rancakmedia.com – Short-Term Predictions The Shiba Inu (SHIB) may have tough days ahead, said Mike McGlone, senior commodity analyst at Bloomberg Intelligence. In the most recent issue of Bloomberg Crypto Outlook, McGlone refers to the popular memecoin as a “Dogecoin wannabe” and “an example of excess among 13,000 cryptos.”
The Shiba Inu has gotten in the news in recent months for stunning profits. The 11th-ranked crypto asset by market size is trading at $0.000057 at the time of writing, up 74,142,662.9 percent on the past year. However, SHIB has lost 19.5 percent in the last month.
According to McGlone, the Shiba Inu's rise to a $40 billion market put the coin in the same danger as Dogecoin (DOGE) in Q2 of this year, when it plunged from $0.74 in May to a low of $0.16 in June.
“Gravity will likely take hold of the Shiba Inu,” according to McGlone, who believes memecoin's parabolic rise is coming to an end.
"As the Shiba Inu games wrap up, the concern we're seeing is that a lot of assets are subject to risk-off sentiment," he added. Looking at Ethereum, McGlone said the second-largest crypto asset appears to be strong and poised for another rally.
“Demand is increasing, supply is falling and Ethereum's position at the center of banking and money digitization provides the basis for future price increases. NFTs are on a similar trajectory to Bitcoin in terms of becoming a worldwide digital reserve asset, though,” he said.
Shiba Inu Price Predictions and Potential Paths According to Analysts
Meanwhile, leading crypto researcher Michaël van de Poppe outlines possible paths forward for Shiba Inu (SHIB), THORChain (RUNE) and three other cryptocurrencies. In two possible trading situations for the Shiba Inu, the meme coin may bounce, the crypto expert warns his 475,800 Twitter followers.
“This one is between tiers. Featured are some great S/R (support and resistance) moves that yield some great returns if you trade today. Now stuck. Back to green, there is a possibility of a business transaction. Turning red Denotes a prospective trade. It's a piece of cake," he said.
According to the Van de Poppe chart, the Shiba Inu may knock out resistance at $0.000062 to restore bullish momentum or hold support at $0.000043 for a possible bounce. Van de Poppe also examined the THORChain decentralized trading system in addition to Shiba Inus.
He analyzes about two different setups for THORChain vs Bitcoin (RUNE/BTC). Looking at the Van de Poppe chart, RUNE/BTC may have bounced off 0.0002 BTC ($ 13.51) or further down to 0.00015 BTC ($ 10.13) to carve out a local bottom.
Another coin on the list is the high-throughput Zilliqa blockchain. Van de Poppe said he anticipates Zilliqa to remain stable versus Bitcoin (ZIL/BTC) until it can overcome its immediate resistance and rally to its target above 0.00000257 BTC ($0.17).