Episode Summary

Today On Crypto Breakdown Joe Dewitt looks at Shiba Inu.

Talks of imminent Ethereum2 helps Ethereum levels.

Next week critical for Bitcoin and Dogecoin. What Dogecoin's descending triangle reveals.

Questions? Ask at [email protected] and we will answer!

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Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

Hey everybody, happy Tuesday. My name is Joe Dewitt, and this has been dingoes crypto breakdown, a little bit of news this morning.

Bitcoin exchanges. See the largest deposits despite Bitcoin's reserves hitting three-year lows. Taking a look over at Bitcoin price. As we've been discussing the last few days, it has fallen below that crucial 58,000. Which means it is now battling in a zone of 58,000 to about 43,000. Now for the time being as Bitcoin price falls into this zone, it is looking like the price target could be around 45,000 for at bounce off of that 200 day.

Moving average, though, a little bit of upward momentum could easily flip that the next week here is going to be a huge determining factor for the future of. Taking a look over at a theorem, Ethereum fees continue to skyrocket, which is bringing about a lot of talks of other layer, one coins like avalanche and Salana, um, Ethereum they'll continue to do well.

It is sitting at $4,170 falling down to a crucial support. Getting below that 50 day, moving average as the popularity of other layer ones are continuing to grow. I think that is affecting. Uh, Ethereum price a bit, though. It has fallen below that 50 day moving average. It has still holding its crucial support at 3,900.

So until price breaks below that on there shouldn't be any concerns at the moment. Also. Good to consider that eith 2.0 is right around the corner. As they've been teasing it for quarter one, quarter two of 2022. So expected with that rollout will be the implementation of proof of stake, which will help the Ethereum fees tremendously.

Now taking a look over at doge coin, doge coin has been downwards consolidating for a number of now taking a look over at dos coin at dos coin has been downwards consolidating for a number of days. Now, heading down to its price target of about 15,000. For dose coin to hit the reversal here, it would have to hit that little support at about 20 cents here and get a nice bounce off of there.

Moving towards that 50 day, moving average, the price of Bitcoin, uh, climbing, getting a little momentum on Bitcoin would also theoretically push, uh, the alt up as Bitcoin. Tends to influence the movement of other altcoins, but looking out on the daily chart for dose coin, they are accumulating lower highs, which is not the greatest sign, although it is a macro descending, triangle and descending triangles do cause for a bit of a breakout here.

So there could be a breakout in the future for doge coin after bouncing off of that 15th. We just need to make sure that price does not fall below there. That would be a very bear sign. And recently there's been quite a bit of discussing and panicking around Shiba Inu as price continues to drop. So taking a look over at Sheba price has been downwards consolidating for about a few weeks.

Now, heading towards that 50 day, moving average, looking like it was getting ready for a bounce off of there. Although price action did fall below that 50 day, moving average, putting it at a very crucial spots, uh, getting investors worried. Given she was market cap was about 23 billion. And it's sitting at the 12th ranked coin currently on the market.

Um, there are a lot of eyes on this coin, all coins with a high market cap, and a lot of eyes tend to rally because the community stay so strong though, that does. Put any word on the utility of the project. It is still a meme dog coin that does not offer any real utility to investors. And the only value here is strictly people buying your Shiva.

If there are no people buying Sheba, that there is absolutely no value in the project. So keep that. That being said, going off of the community and the momentum of the project and considering how low the coin is at 0 cents. It may not be a bad time to grab yourself some Shiba Inu, maybe just a little bit.

If it's 20, 50, a hundred dollars, whatever you can afford, um, as price could eventually rally. I'm not going to say that you're going to get thousand X gains. 2000 gains gains could be as little as double. It could be as little as 50% gains. Um, any gains here are, are good and cryptocurrency because, you know, we all just want to progress a little bit, but if you're looking for those crazy gains, I would stay away.

That's all the time we have today. Guys. Thank you so much for tuning in. I should have fallen, subscribe to our podcast, which will all be in the description below. Have a great Tuesday.

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