Short Term Shiba Inu Price Prediction According to Bloomberg Analysts

Lovata Andrean

Short Term Shiba Inu Price Prediction According to Bloomberg Analysts
Short Term Shiba Inu Price Prediction According to Bloomberg Analysts

Rancakmedia.com - Short-Term Price Prediction Shiba Inu (SHIB) may face tough days ahead, said Mike McGlone, senior commodities analyst at Bloomberg Intelligence. In the latest edition of Bloomberg Crypto Outlook, McGlone refers to the popular memecoin as a “Dogecoin wannabe” and “an example of excess among 13.000 cryptos.”

Shiba Inu has been in the news in recent months for its astonishing gains. The 11th ranked crypto asset by market size was trading at $0,000057 at the time of writing, up 74.142.662,9 percent in the past year. However, SHIB has lost 19,5 percent in the last month.

According to McGlone, Shiba Inu's rise to a $40 billion market puts the coin in the same danger as Dogecoin (DOGE) in Q2 this year, when it fell from $0,74 in May to a low of $0,16 in June.

“Gravity will likely rule over Shiba Inu,” according to McGlone, who believes memecoin's parabolic rise will soon be over.

“When the Shiba Inu play is over, the concern we see is that many assets are subject to risk-off sentiment,” he added. Looking at Ethereum, McGlone said assets crypto the second largest seems strong and ready for another rally.

“Demand is rising, supply is falling and Ethereum's position at the center of banking and the digitalization of money 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 Prediction and Potential Path According to Analysts

Shiba Inu Price Prediction and Potential Path According to Analysts

Meanwhile, prominent crypto researcher Michaël van de Poppe outlined a possible path forward for Shiba Inu (SHIB), THORChain (RUNE) and three other cryptocurrencies. In two possible trading situations for Shiba Inu, the meme coin may bounce, the crypto expert warned his 475.800 Twitter followers.

“This one is between levels. Shown are some great S/R (support and resistance) moves that yield some great rewards if you trade today. Now it's stuck. Returned to green, there is a possibility of a business transaction. Turning red Indicates a prospective trade. It’s a piece of cake,” he said.

According to Van de Poppe's chart, 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 bounce at 0,0002 BTC ($13,51) or continue 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 continue to stabilize versus Bitcoin (ZIL/BTC) until it can overcome its immediate resistance and rally to its target above 0,00000257 BTC ($0,17).

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Lovata Andrean

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