Analyst Points To Where The Price Of Shiba Inu, Cardano, And Other Altcoins Goes

The analyst known on the market as Altcoin Sherpa said he has his eye on 5 cryptocurrencies while the Bitcoin (BTC) price trades sideways.

First on their list is Cardano ( ADA ). Sherpa said he is bullish on ADA in the near term especially after the smart contract platform managed to stay above support at $1.48.

“ADA: It won’t be in a bad place for long. Support/Resistance level, Fibonacci level of 0.50 as well. I wouldn’t hold at this point. It would be a good swing trade,” he said.

Another cryptocurrency on the analyst’s list is the Shiba Inu (SHIB) memecoin. According to the cryptocurrency strategist, SHIB should make a quick jump before resuming its downtrend, unless the token consolidates around $0.000047.

“SHIB : The short-term fund has probably arrived. Waiting for some kind of bearish rally to form. If this consolidates at 0.50 [Fibonacci level], a more explosive move will come. But it will take a lot longer in my opinion. ”

Another currency on the trader’s list is the decentralized finance payment network (DeFi) Terra (LUNA). As highlighted by Altcoin Sherpa, LUNA is about to set new records.

“LUNA: Still with a high uptrend [market structure], which can send to all-time highs.”

The fourth coin on the analyst’s radar is the The Sandbox (SAND) metaverse ecosystem. For altcoins, Altcoin Sherpa mapped out two potential scenarios after the token printed a tall structure:

“SAND: My plans are smaller. Let’s see where this goes. Overall, I personally think a lower high has just been printed and we’re going to go down further. If a higher low comes in, we will enter into some consolidation. So I’m guessing another higher push”.

Finally, the latest coin is Theta Network (THETA), a peer-to-peer video content distribution platform. According to Altcoin Sherpa, THETA may launch a big rally once it overcomes resistance at $9.61.

“THETA: When this moves, it will be explosive. It’s been changing for a long time, and I think this [asset] usually has its own market cycle,” he concluded.

The Great Writer and The Passionate Poet As Well, He Graduated from University Of Florida in Journalism and Brad have around 12 years of experience in news and media section.

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