Crypto analyst Michaël van de Poppe is not a fan of meme coin Shiba Inu (SHIB), which has surged this week while most of the crypto markets cooled off.
The trader tells his 458,400 Twitter followers that he hopes SHIB fades away, and says it’s better to seek out other opportunities rather than falling prey to potential FOMO (fear of missing out).
Van de Poppe follows up his initial tweet by saying,
“Well, SHIB corrected down heavily by about 30-40% in a matter of hours. I hope you’ve not been buying last night, if you were feeling the FOMO to get in that coin.
There’s plenty of other massive opportunities.”
The analyst wraps up his thoughts on the SHIB rally by explaining his disappointment that attention has been taken away from other crypto projects involving decentralized finance (DeFi), decentralized autonomous organizations (DAOs), and non-fungible tokens (NFTs).
“I’m not sad I missed it. Got my own positions and gains.
However, I’m starting to hate the meme coins taking the spotlight away from the beautiful things being built in the markets through DeFi, DAO and NFTs. It’s just sad.”
SHIB went on an epic rally this past week, more than tripling in value to an all-time high of $0.00008616 yesterday, before correcting to its current price of $0.00007299.
Van de Poppe is also updating his ideal entry points for the leading cryptocurrency, Bitcoin (BTC).
“If you want to get into the markets, these are the chances that you want to go for [in the $57k range].
If you want to get into a position, I think the chances are literally on the horizon right now to get into those.”
The price of Bitcoin is currently $61,613, down 7.1% on the week but up 4% over the last 24 hours, according to CoinGecko.
Moving on to the second-largest crypto by market cap Ethereum (ETH), the trader indicates two key price levels for prospective buyers.
“These two levels [between $3,600 and $3,900] are clearly entry zones for yourself if you want to get into the markets.
If it gets below those zones, you clearly have an invalidation level beneath.”
ETH is valued at $4,205 at time of writing, up 5.8% on the day and just shy of its weekly high of $4,298, according to CoinGecko.
Shiba Inu below capitulation zone, SHIBA at risk of returning to $0.000030
- Shiba Inu price traded below a critical Volume Profile level.
- Bearish sentiment remains robust, and little support exists within the Ichimoku system.
- Downside pressure could be sustained with marginal relief in sight.
Shiba Inu price, like the rest of the cryptocurrency market, has struggled since the flash-crash on early Saturday. While traders were able to rally SHIBA 25% above the Saturday lows, selling pressure resumed on Sunday.
Shiba Inu inside a highly volatile and weak price range
Shiba Inu price close its Sunday candlestick below a critical support level that indicates a fast sell-off is likely. The large, red, rectangular area represents a range between $0.000030 and $0.000036. The Volume Profile between those two levels is extremely thin and warns that any move below $0.000036 could trigger a quick and easy move lower.
Evidence of the speed of the drop was observed somewhat during Saturday’s sell-off, but that was mostly an episode of NOS (Non-Organic Selling). NOS is a technical term to describe any price action that is done mainly due to resting buy and sell orders or, as is often the case in the cryptocurrency market, forced liquidations from leveraged positions in derivatives markets. The flash-crash on Saturday is a perfect example of what NOS looks like and what the expected recovery should look like.
SHIBA/USDT Daily Ichimoku Chart
Traders will likely see a lower test due to Shiba Inu price closing inside that price zone. The closest Ichimoku support is at $0.000025 when the Chikou Span hit the top of the Cloud (Senkou Span A).
To invalidate or at least give pause to the current bearish setup, Shiba Inu price would need to close above the daily Kijun-Sen at or above $0.000042.
Shiba Inu (SHIB) Up 2,600,000% in the Last 365 Days
Shiba Inu (SHIB) is up 2,600,000% in the last 365 days.
Watcher.Guru disclosed the SHIB’s yearly volume.
Shiba Inu (SHIB) is still up by 2,600,000% for the past 365 days, according to Watcher.Guru. This shows that regardless of how several other cryptos struggled with the ups and downs of the market beginning of this year, the SHIB token was not affected heavily.
In some way, the yearly volume of the SHIB‘s 2,600,000% figure tells that all the seemingly hypes and sentiments about Shiba Inu of late weren’t in vain. Instead, it was otherwise preparing SHIB for a better and lucrative phase ahead. Even in the past months, a day will not pass, without a piece of Shiba-related news.
The SHIB token has subtly climbed ranks even more than how the crypto world expected. Meanwhile, at the beginning of its inception, traders didn’t have much interest in the SHIB token like today before it started a staggering spike in price.
Unlike how many other cryptocurrencies die off a short time after their price increase, Shiba Inu has maintained a stunning price performance. This makes it a direct threat to many other cryptos including Dogecoin (DOGE).
At writing time, SHIB trades at a decent price of $0.00003739. Also, it has more than $20 billion as its market capitalization volume, ranking as the 13th biggest cryptocurrency in the world on CoinMarketCap.
SHIBA INU Weekly Forecast December 6 — 10, 2021
SHIBA INU ends the trading week at 0.00004117 and continues to move within the fall and the downtrend channel. Moving averages indicate a bearish trend. Prices moved down from the area between the signal lines, which indicates pressure from sellers of the coin and a potential continuation of the fall. As part of the SHIB/USD rate forecast for the next trading week, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the support area near the level of 0.00003855. From where a rebound is expected again and an attempt to grow the SHIBA INU cryptocurrency with a potential target above the level of 0.00008005.
SHIBA INU Weekly Forecast December 6 — 10, 2021
An additional signal in favor of raising the SHIB/USD quotes in the current trading week on December 6 — 10, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from an important support area, as we can see, there were also rebounds from this level. Cancellation of the growth option for the SHIBA INU cryptocurrency next trading week will be a fall and a breakdown of the 0.00002355 area. This will indicate a breakdown of the support area and a continued decline in SHIB/USD quotes with a target below the level of 0.00001505. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 0.00005505, which will indicate a breakdown of the upper border of the downward correction channel.
SHIBA INU Weekly Forecast December 6 — 10, 2021 implies an attempt to test the support area near the level of 0.00003855. Then continued growth to the area above the level of 0.00008005. An additional signal in favor of a rise in SHIBA INU will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.00002355 area. This will indicate a continued decline in cryptocurrency with a target below 0.00001505.