A much-followed crypto analyst says Dogecoin (DOGE) rival Shiba Inu (SHIB) looks attractive as he updates his view of the king crypto.
Pseudonymous crypto trader The Flow Horse, also known as Cantering Clark, tells his 180,600 Twitter followers that the SHIB chart “looks very attractive” from a high-frequency trading standpoint, while warning bullish investors that Bitcoin (BTC) could stagnate for a while before rising.
“While BTC is chopping, other things are brewing. This SHIB card looks very attractive from an htf [high-frequency trading] point of view. I am well above 779.”
Shiba Inu is trading at $0.000009 at the time of writing, up 4.6% over the last day.
According to the strategist, the market is showing that it can have the best crypto assets by market capitalization found it his ceiling this year and any breakthrough could be fake.
“I think the market is showing all the signs we need to determine that the current yearly highs are likely to put some pressure on price.
Maybe BTC will resurface a bit for a fake out but I would temper any extreme bullishness and make sure you know purchases are probably good for [over] a time horizon of a year and not a month.”
The analyst goes on to say that he believes the crypto king will drop to the $25,000-$26,000 range before moving back up to the $40,000 price level.
Bitcoin is trading at $29,236 at the time of writing, a fractional drop over the past 24 hours.
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