A crypto strategist known for his timely altcoin calls says traders looking to suddenly flip bullish on meme token Shiba Inu (SHIB) at current levels should exercise caution.
Pseudonymous trader Altcoin Sherpa tells his 185,700 Twitter followers that Shiba Inu might be losing some steam after failing to break key resistance levels.
“SHIB: Lagging to DOGE right now. This current 200-day exponential moving average is acting as resistance and price is pulling back. I’d like to see acceptance above $0.00014 before calling for higher [prices].”
At time of writing, SHIB is trading at $0.00001352, up over 8% on the day.
As for fellow meme token Dogecoin (DOGE), Altcoin Sherpa believes that the red-hot crypto asset has more gas left in its tank even after rallying over 120% in the last seven days.
“DOGE: $0.16 next up, in my opinion. I’m not long or shorting this. Shorting stuff like this is like stepping in front of a speeding train; wait for the lower high to come. Missed this one but love to see it.”
At time of writing, Dogecoin is swapping hands for $0.138, up over 63% in the last 24 hours.
Next on the trader’s watchlist is Ethereum (ETH) rival Avalanche (AVAX). According to Altcoin Sherpa, AVAX could put together a decent rally if Bitcoin (BTC) remains stable.
“Could be the short/midterm bottom and we see a decent bounce though.”
Looking at the analyst’s chart, Altcoin Sherpa sees AVAX rallying toward his target of $29.11, suggesting an upside potential of nearly 60% from the coin’s current price of $18.22.
The last coin on the trader’s radar is Injective (INJ), a decentralized exchange protocol that offers a variety of financial products including spot trading and futures. Altcoin Sherpa thinks that INJ is gearing up to finally take out a heavy resistance level.
“INJ: one of the coins I’m eyeing. This overall supply zone has been very strong at $2.20. That said, it’s been tapped several times, and I’m still of the opinion it’s going to go to $2.40ish in the mid term.”
At time of writing, INJ is valued at $2.23, a nearly 9% increase on the day.