The prices of Shiba Inu and PEPE, although both these assets have fluctuated, have not performed as expected. This can be attributed to the recent lackluster performance by Ethereum, the parent network of both assets, and thus, they have followed in its footsteps. However, according to one analyst, things could change for both of these assets as soon as Ethereum starts to see better progress.
As Ethereum begins to break out, beware the Shiba Inu
Ethereum has started moving up again and is currently trading above $2,400 at the time of writing. Naturally, crypto investors are hoping its ecosystem tokens will follow the same path, and one of them is Shiba Inu, as pseudonymous crypto analyst Crypto Kaleo points out.
The analyst on X (formerly Twitter) shared his expectations about the price of Shiba Inu. Crypto Kaleo warns investors to keep an eye on the price of Shiba Inu, especially as Ethereum is starting another bullish trend.
The crypto analyst expects a nice upswing in price, possibly something that could rival its 2021 ups and downs. Kaleo points out that the SHIB price is still trading in a base range of $0.00001, and this is a level that the price has maintained for almost a week.
Given that the crypto’s price has remained in this range for so long, Calio expects it to be a good thing if the price is able to break out of this range. “We wouldn’t be surprised if we see another God candle similar to October ’21 when it finally breaks out of this base range,” Kaleo said.
Also a reminder not to sleep $SHIB As $ETH It starts bursting.
We would not be surprised if we see another God Candle similar to October 21 when it finally breaks out of this base range. pic.twitter.com/jRYYW6gcjq
– Kaleo (@CryptoKaleo) 28 December 2023
SHIB price above $0.00001 | Source: SHIBUSD on tradingview.com
PEPE is also expected to follow the same path
As the price of Ethereum has recovered, Shiba Inu is not the only cryptocurrency that is expected to perform well. Another coin that crypto analysts say is poised for good things during this time is the PEPE meme coin.
Despite the fact that the price of Bitcoin has been rising, PEI has also been on a slow rise over the past few months. The decline has been greater than that of the pumps, but Kaleo expects that to change rapidly once the pumps are introduced.
Kaleo compared the expected movement to what happened with Solana (SOL) and BONK. There was a huge increase in the price of BONK due to the increase in SOL price. Similarly, the crypto analyst expects the meme coin to reach a new all-time high as the Ethereum price also starts rising.
“When that happens, it will be one of the most obvious retroactive trades,” explains Kaleo.
like that $BONK printed new ATH vs $SOL When it burst, I saw $PEPE printing vs new ath $ETH As soon as it starts moving.
When this happens it will be one of the most obvious precursor trades. pic.twitter.com/cvSPd9bxSt
– Kaleo (@CryptoKaleo) 27 December 2023
Featured image from CoinMarketCap, chart from tradingview.com
Source: bitcoinist.com
