Cryptocurrency prices started sideways price movement after the statements of FED Chairman Jerome Powell. While this horizontal price movement continues, analysts share their new price predictions based on the latest data. In this context, an analyst announced his predictions for the next week for Shiba Inu (SHIB), Bitcoin (BTC) and Ethereum (ETH). Here are the details…
“Shiba Inu (SHIB) price poised to rise”
The Shiba Inu is giving signals that investors will provide profitable opportunities in the coming days. During the week, SHIB fell turbulently. Irregular pullbacks have given signals that the downtrend is weakening. Additionally, the overall bearish move was very small in volume compared to the previous bullish move. The bears formed a barrier near the 8-day exponential moving average (EMA). Therefore, SHIB price is currently auctioning at $0.00001060.
An increase in volume is seen on a doji candlestick below the barrier as the initial rejection falls below the low volume. SHIB investors should wait for an intense battle to begin near the area. If the bulls can block the 8-day EMA, a rise targeting the September high at $0.00001394 is possible. Accordingly, the meme coin has the potential to increase by 30% from its current price. However, this bullish thesis is dependent on $0.00000880 remaining as support. If support is lost, the price will drop another 30%.
“Bitcoin (BTC) is at a crossroads”
cryptocoin.com As we reported, for the third week in a row, Bitcoin price is volatile. Accordingly, the BTC price fluctuated between $18,000 and $19,500 throughout the week. The Relative Strength Index (RSI) has breached the oversold zone. Thus, it signaled for more upside potential in the short term. Bitcoin price is at auction at $19,231. The bulls are attempting to recapture the twice-rejected 8-day exponential moving average (EMA) at $19,400.
If the bulls successfully break this hurdle, a rally to the 21-day simple moving average at $20,000 will occur. Accordingly, it is possible for the crypto market to bounce back as the BTC price tries to find stable ground. Meanwhile, the 3rd encounter with the EMA is likely to be the catalyst for a much more significant drop. If the bulls fail to break through the resistance, a drop targeting the June 13 low of $17,622 is likely.
“Ethereum (ETH) may drop further”
Ethereum price expects a countertrend rally after the bearish. Since September 12, the altcoin has lost 30% of its market cap. However, an Eiffel-style drop occurred on the daily time frame. This has caused investors to adopt a cautious mindset that tends to stay on the sidelines. Ethereum price is currently trading at $1,305. The altcoin tagged the previous resistance zone at $1,220 and produced a bullish divergence on the 2-day chart.
After that, the bulls pushed the price 10% higher to the $1,340 barrier where the 8-Exponential Moving Average (EMA) is positioned. However, the EMA rejected the first attempt to rally higher. This was an early warning that there would be no safe market bottom for investors with a “buy low, sell high” mentality. If the bulls fail to break the $1,340 barrier, no entry is worth it. If this happens, ETH will witness a drop below $1,200 on July 16. At this point, the price could visit $1,006 to rise again.
