Top Crypto Analyst Predicts Rally for Cardano (ADA), Updates Outlook on Ethereum (ETH) and Shiba Inu (SHIB)
A closely watched crypto analyst predicts a price rise for Cardano (ADA) while updating his forecasts for Ethereum (ETH) and Shiba Inu (SHIB).
Pseudonymous analyst Altcoin Sherpa tells his 182,600 Twitter followers that he believes smart contract platform Cardano is in a sideways accumulation phase and that a rally near $0.60 is in sight.
“It looks decent relative to other highs right now. I don’t think this is necessarily the ‘bottom’ and $0.55 should be resistance. That said, this almost looks like accumulation on higher time frame charts.”
At the time of writing, ADA is changing hands for $0.49.
Next up is leading smart contract protocol Ethereum. According to Altcoin Sherpa, he is looking at a key level for ETH that could suggest if Ethereum is preparing for a breakout.
“I still think this recent move was a bear market rally, but I will continue to watch it. If we see a strong break of the recent highs, maybe some sort of cup and hand pattern will play out? $1,730 is still a strong area to watch.”
At the time of writing, ETH is valued at $1,657, up over 5% on the day.
The latest coin on the trader’s radar is the Shiba Inu meme coin. According to the crypto strategist, he has remained invested in SHIB due to the coin’s tendency to break out. At this point, however, he believes the price action of the crypto-asset is neutral.
“Weird price action, seeing these weird peaks. I still have a small position in it overall, simply because I think it can pump unlike any other coin. Liquidity is good on it too. That being said, this range+ price action = very neutral, in my opinion.”
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