DonAlt: Continued SHIB Correction Could Be Good For The Crypto Market

According to a top cryptocurrency analyst and trader, known as DonAlt, the latest Shiba Inu (SHIB) pullback could actually be a positive signal for the wider crypto market.

In the recent TechnicalRoundup session, DonAlt opines that the more correction Shiba Inu sees, the more it pushes retail investors to look for crypto assets with better fundamental properties.

“I think as long as that continues we’re actually quite good. You want to see Shiba bleed out like Dogecoin did, because then you’re going to see the focus of retail shift from memes to actual real projects.

That’s probably going to get the rest of retail involved… and for us, the people in the ecosystem, that’s good news.”

At the time of writing SHIB is trades at $0.00004962.

DonAlt is also looking into Bitcoin (BTC) and reveals his ‘most likely scenario’ for BTC for the coming months.

“I think there’s a good chance that we’re going to get a fakeout, as in a breakout above [$67,000], go sideways, and start breaking down again. I think if altcoins do well during this time… I think that kind of path is the most likely.

So up toward $70,000 to $80,000. A little bit of sideways while the altcoins go off, and then down.”

At the time of writing Bitcoin is trading at $64,560.

Regarding Ethereum (ETH), DonAlt thinks it is only a matter of time before the leading smart contract platform sparks an uptick similar to earlier this year when it soared from $1,500 in February to $4,300 in May.

“I think we’re due for a steep increase. I think that’s going to be the same as here though [the May 2021 pullback].

The longer this grinds the better for bulls, because I think that’s going to be the base for the next one.”

Looking at the analyst’s chart, Ethereum could move up as high as $6,600 before making any larger correction.

At the time of writing Ethereum is trading at $4,614.