Shiba Inu (CRYPTO: SHIB) — once promoted as the Dogecoin (CRYPTO: DOGE) killer — is going to see major bull rallies in the near future, according to one cryptocurrency market analyst.
What Happened: Pseudonymous cryptocurrency market analyst Altcoin Sherpa said he expects Shiba Inu to move "hard" in an upwards direction towards the end of the current market cycle in a recent tweet. The market analyst admits that he "could be way wrong" and he's holding his position and waiting to see how things unfold.
$SHIB: Ive still got my bag and still going forward w. the plan on DCA and just averaging in. I still believe this moves hard at the end of this cycle. Could be way wrong but let's see. Will just sit and hold it for a bit. #Shibainu pic.twitter.com/IeUJNVkuWL
— Altcoin Sherpa (@AltcoinSherpa) April 10, 2022
According to Altcoin Sherpa's chart, Shiba Inu is expected to make a major move by the end of April or at the beginning of May. At this point in time, the trendlines showing decreasing price volatility will be close enough that the price will be expected to stop lateralizing. Short-term exponential moving averages moving above long-term ones suggest that the coin will choose an upward direction.
Also Read: Shiba Inu Sees 200% Surge In Large Transactions Over 24 Hours
Talking about fundamentals, Altcoin Sherpa said that Shiba Inu "has nothing" and is just "a meme sh*tcoin" that he expects to increase in price since he believes that Bitcoin's (CRYPTO: BTC) price will stabilize allowing altcoins to have "one more leg up" during this crypto market cycle.
Despite this analyst feeling that Shiba Inu has no fundamentals other than being a memecoin, SHIB actually powers a decentralized exchange (DEX) and non-fungible token (NFT) ecosystem. At the end of March, Shiba Inu launched ShibaDEX — a cross-chain DEX capable of trading SHIB against most top crypto assets, including major memecoins such as Dogecoin.
