A widely followed crypto analyst says that Dogecoin (DOGE) rival Shiba Inu (SHIB) looks appealing while updating his outlook on the king crypto.
Pseudonymous crypto trader The Flow Horse, also known as Cantering Clark, tells his 180,600 Twitter followers that SHIB’s chart “looks mighty attractive” from a high-frequency trading standpoint while warning bullish investors that Bitcoin (BTC) could stagnate for a while before rising.
“While BTC chops, other things brew. This SHIB chart is looking mighty attractive from a htf [high-frequency trading] standpoint. I’m long above 779.”
Shiba Inu is trading for $0.000009 at time of writing, a 4.6% increase during the last day.
According to the strategist, the market shows that the top crypto asset by market cap may have found its ceiling this year and any breakthrough could be a fake out.
“I think the market is showing all the signs we need to see to determine that the current yearly highs are probably going to put a roof on price for a bit.
Maybe BTC pops up slightly for a fake out once more, but I would temper any extreme bullishness and make sure you know that buys are probably good for [over] one year time horizons and not one month.”
The analyst goes on to say that he believes the crypto king will dip down toward the $25,000-$26,000 range before rallying back up to the $40,000 price level.
Bitcoin is trading for $29,236 at time of writing, a fractional decrease during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
