- Analyst Miles Deutscher shared that he is leaning towards shorting SHIB in a tweet yesterday.
- The analyst also warned that HBAR’s rally may not continue for much longer.
- Meanwhile, Deutscher highlighted a significant upcoming SAND unlock which may negatively impact its price.
Miles Deutscher, a prominent cryptocurrency analyst, took to Twitter yesterday to share his thoughts on various cryptocurrencies. In the post, he shed light on current trends, potential price squeezes, and areas of opportunity within the market to watch out for in the following week.
One of the central topics of Deutscher’s tweet is the impending launch of Shibarium L2 by Shiba Inu (SHIB). He observed that the anticipation surrounding this event has led to some aggressive shorting, and hinted at the possibility of a squeeze due to the market’s enthusiasm. However, he also expressed a leaning towards shorting if a favorable entry point arises.
The analyst then shifted his attention to Hedera (HBAR), which experienced a surge following news of the Federal Reserve adding an HBAR-enabled platform to its list of service providers. Despite the bullish momentum, Deutscher remained cautious and expressed skepticism regarding the sustainability of the rally.
At press time, CoinMarketCap indicated that the altcoin was changing hands at $0.07258 following a 24-hour gain of 12.93%. Alongside the increase in HBAR’s price throughout the past day of trading, the cryptocurrency also recorded a 144% spike in its daily trading volume. Subsequently, the total daily volume stood at $345,246,345.
From a technical standpoint, HBAR was able to break above the 200-day EMA line over the past 24 hours. This bullish momentum then continued — propelling the altcoin’s price to above the $0.06460 resistance level as well.
There may be a slight correction in HBAR’s price in the coming 24-48 hours, as investors and traders may look to take profit. This could result in the cryptocurrency’s price retesting the $0.06460 price point. A break below this mark may put the altcoin at risk of falling to the 200-day EMA line at $0.05820 before potentially plummeting down to $0.04460.
On the other hand, HBAR maintaining a position above $0.06460 for the next 72 hours will invalidate this bearish thesis. In this scenario, HBAR’s ascent may continue to possibly challenge the next major resistance level at $0.09400.
Deutscher continued his analysis by highlighting Dogecoin’s (DOGE) unique positioning in the market. He noted that DOGE has been moving opposite to the broader market trend, and its structural integrity is evident. The analyst suggested that if the overall market remains neutral to bullish, then there might be an opportunity for DOGE to catch up and potentially outperform.
He then turned his attention to The Sandbox (SAND), and emphasized a significant token unlock of 16% of its supply. While he acknowledged that many unlocks are priced in, he considered this sudden surge in supply as noteworthy. Therefore, he cautioned that a “slow bleed” might occur in the medium term due to this influx. Furthermore, Deutscher pointed out the potential for a short-squeeze in the short term, as larger investors could be hedged short.
Drawing parallels with DOGE, the analyst discussed Pepe’s (PEPE) connection to the SHIB hype. He praised its outperformance compared to DOGE during market rotations, suggesting that these patterns could solidify PEPE as a meme coin with potential long-term value.
Meanwhile, Deutscher highlighted the potential undervaluation of Rollbit Coin (RLB) when measured against comparable products using standard cashflow/revenue models. He saw dips as attractive buying opportunities and noted the emergence of GambleFi as a compelling narrative.
In the latter part of his analysis, Deutscher delved into a diverse selection of coins, emphasizing both their strengths and risks. He mentioned 0xCoco (COCO) and WINR Protocol (WINR) as alternative narrative coins with potential trends forming.
Despite his favor for RLB, he acknowledged the strength in these coins, particularly highlighting the revenue generation of COCO and the liquidity pool model of WINR. Deutscher also underscored the inherent riskiness of these ventures.
The analyst rounded off his analysis by providing insights into other notable coins, including THORChain (RUNE), THORSwap (THOR), dYdX (DYDX), UniBot (UNIBOT), ApeCoin (APE), and Sei (SEI). These ranged from imminent product launches and increasing on-chain metrics to potential price repricings and anticipated market events.
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