The prices of Shiba Inu and PEPE, although there has been movement in both of these assets, have not performed as well as expected. This could be attributed to the muted performance that Ethereum, the parent network of both assets, have put on recently, and thus, they have followed in its footsteps. However, as Ethereum begins to see better upside, things could change for both of these assets according to one analyst.
Watch Out For Shiba Inu As Ethereum Begins To Break Out
Ethereum has started moving up again and is currently trading above $2,400 at the time of this writing. Naturally, crypto investors expect its ecosystem tokens to follow the same path, and one of those is Shiba Inu, as pseudonymous crypto analyst Crypto Kaleo explains.
Taking to X (formerly Twitter), the analyst shares their expectations for the Shiba Inu price going forward. Crypto Kaleo warns investors to keep an eye out for the Shiba Inu price especially as Ethereum begins another uptrend.
The crypto analyst expects good movement in price, possibly something that could rival its 2021 movement. Kaleo points out that the SHIB price is currently still trading in a base range of $0.00001, and this is a level that the price has maintained for almost one week now.
Given that the crypto’s price has stayed in this range for so long, Kaleo expects a good thing if the price is able to break out of this range. “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 to not sleep on $SHIB as $ETH starts to break out.
Wouldn’t 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
— K A L E O (@CryptoKaleo) December 28, 2023
SHIB price above $0.00001 | Source: SHIBUSD on Tradingview.com
PEPE Expected To Follow The Same Path
As the Ethereum price recovers, Shiba Inu is not the only cryptocurrency that is expected to do well. Another coin that the crypto analyst points out is poised for good things during this time as well is the PEPE meme coin.
PEPE has also been on a rather slow path over the last few months despite the fact that the Bitcoin price has been going up. There have been more dips than pumps, but Kaleo expects that this could change quickly as the pump commences.
Kaleo compared the expected movement to what happened with Solana (SOL) and BONK. The BONK price had risen drastically as the SOL price pumped. In the same vein, the crypto analyst expects the meme coin to reach a new all-time high as the Ethereum price begins to move as well.
“It’ll be one of the most obvious hindsight trades out there when it happens,” Kaleo explains.
The same way $BONK printed new ATHs vs $SOL when it broke out, I see $PEPE printing new ATHs vs $ETH as it starts to move.
It’ll be one of the most obvious hindsight trades out there when it happens. pic.twitter.com/cvSPd9bxSt
— K A L E O (@CryptoKaleo) December 27, 2023
Featured image from CoinMarketCap, chart from Tradingview.com
Source: https://bitcoinist.com/big-moves-for-shiba-inu-pepe/