SHIB pullback could be a positive signal for the rest of the crypto market
Renowned strategist DonAlt says the recent Shiba Inu (SHIB) withdrawal could be a positive signal for the rest of the crypto market.
In the latest edition of TechnicalRoundup, the trader said that Shiba Inu’s ongoing correction will drive retail investors towards crypto assets with good fundamental properties.
“I think as long as this continues the situation is actually pretty good. They want SHIB to bleed like DOGE did because then retail investors will shift focus from coin meme to actual projects.
This will likely appeal to the rest of the retail world … that’s good news. ”
SHIB is currently changing hands at $ 0.000049.
With a view to Bitcoin, DonAlt outlines what he believes is the most likely scenario in the coming months.
“I think there is a possibility of a fakeout on a breakout above $ 67,000, which moves sideways and then collapses again. I think if altcoins are doing well during this sideways consolidation, this is the most likely path in my opinion.
So Bitcoin rises to $ 70,000 to $ 80,000. A little sideways while altcoins boom and then fall. ”
At press time, Bitcoin is trading at $ 64,783.
As for Ethereum, the strategist says it is only a matter of time before the leading smart contract platform starts a rally similar to what it did earlier this year, when it rose from $ 1,500 in February to $ 4,300 in May.
“I think ETH is on a steep climb and that will look like the pullback in May 2021. That distance will last as long as possible for the bulls because that will be the basis for the next leg of the run. Follow”.
According to DonAlts Chart, Ethereum could rise to $ 6,600 before a significant correction.
Ethereum is trading at $ 4,617 at press time.
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According to Dailyhodl