Top crypto strategist Michael van de Poppe is bullish on Shiba Inu (SHIB), saying that the dog-themed token has the potential to continue its uptrend.
Van de Poppe pointed to SHIB’s recent price action, which has seen it surge by over 40% in the past month. He also noted that SHIB has outperformed many other cryptocurrencies in recent weeks, including Bitcoin (BTC) and Ethereum (ETH).
Van de Poppe highlighted three key support levels for SHIB: $0.00000808, $0.00000870, and $0.00000941. He said that if SHIB can hold above these levels, it is likely to continue its uptrend.
However, van de Poppe warned that SHIB could enter a downtrend if it falls below the lowest support level of $0.00000808. He said that it is important to monitor SHIB’s price action closely and take profits if it reaches the key support levels.
Overall, van de Poppe is bullish on SHIB and believes that the ever-evolving digital asset has the potential to continue its uptrend. However, he warned that investors should be careful and take profits if SHIB reaches the key support levels.
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SHIB’s Recent Uptrend
SHIB has been in a strong uptrend in recent weeks, rising from a price of $0.00000700 on July 20 to its current price of $0.0000102. This represents a gain of over 40% in just over a month.
The memecoin’s uptrend has been driven by a number of factors, including its strong community support, listing on major exchanges, and upcoming developments, such as the Shibarium layer-2 solution.
Shiba Inu (SHIB) Strong Performance Relative to Other Cryptocurrencies
SHIB has also outperformed many other cryptocurrencies in recent weeks. For example, Bitcoin is down about 10% in the past month, while Ethereum is down about 20%. In contrast, SHIB is up over 40%.
This strong performance relative to other cryptocurrencies suggests that investors are increasingly interested in SHIB. This could lead to further gains in the coming weeks or months.
The Upcoming Launch of Shibarium
The upcoming launch of the Shibarium layer-2 solution is another factor that could boost SHIB’s price. Shibarium is designed to reduce gas fees on the Shiba Inu network, making it more affordable for users to transact on the network.
This could lead to an increase in the number of users and transactions on the Shiba Inu network, which could in turn boost the price of SHIB.
Overall, SHIB was supposed to be a memecoin but its lots of potential is setting it apart. It has a strong community, it is listed on major exchanges, and it has several upcoming developments that could boost its price. If SHIB can hold above its key support levels, it could surge by over 27% in the coming weeks or months, according to Michael van de Poppe.