Analyst Predicts Rallies in XRP and One Ethereum-Based Altcoin, Updates Stance on DOGE Rival Shiba Inu (SHIB)


A widely followed cryptanalyst is forecasting possible spikes in XRP and another Ethereum-based altcoin from the social token space.

The pseudonymous analyst known as Altcoin Sherpa tells his 186,000 Twitter followers that XRP is forming a decent base for a rally as long as Bitcoin (BTC) can stand firm.

He identifies an upside target of around $0.55, roughly a 20% gain from current prices.

“XRP – looks reasonable, I haven’t checked this chart in a long time. He had a good run against the others and it seems that he is consolidating; I think this one has another move if BTC is stable.”

Font: Altcoin Sherpa/Twitter

Altcoin Sherpa also has its radar in Chiliz (CHZ), the platform that powers the Socios.com social token economy.

The analyst says that on longer timeframes, CHZ may be forming a bearish head and shoulders pattern. In the short term, however, he says there is another stretch to the $0.33 range on the cards, which would be a nearly 37% gain from current prices.

CHZ: It’s a little scary because it looks like H&S on higher time frames, but I think this could go on. Looking at the tickets.

Image
Font: Altcoin Sherpa/Twitter

With Dogecoin (DOGE) holding explosive demonstrations over the last week, some dealers expect Shiba Inu (SHIB), his biggest rival, to follow suit.

While Altcoin Sherpa has some potential targets set, he says he is not holding his breath for any significant manifestation of SHIB.

“SHIB: Here are my levels; to determine if this will catch up with DOGE. Personally, I don’t think I will in this race; The Elon material is the main catalyst in my opinion.”

Image
Source: Altcoin Sherpa/Twitter

As for Bitcoin, the popular analyst says that the current price action strongly suggests a sizeable price push for BTC in the $23,000 to $25,000 range.

“One thing that is really interesting to look at is the 4 hour EMAs (exponential moving average). They are compressing big time and look the best they have in many months. A lot of consolidation here and that is why I think everything is still looking good overall in the medium term. I think we went up to $23-25,000.”

Image
Source: Altcoin Sherpa/Twitter

Don’t miss a beat – Subscribe to receive crypto alerts by email directly to your inbox

Check price action

Follow us Twitter, Facebook Y Telegram

Browse Hodl’s Daily Mix

See the latest news headlines

&nbsp

Get Alerts

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Aman Kumar Verma/INelson