Shiba Inu makes Scottie Pippen’s watchlist, but how far really is his declared ‘altcoin season’ from manifesting itself?
NBA icon Scottie Pippen has picked his favorites for the next crypto bull run. Namely, the 6-times NBA Champion expects a crypto bull run due to the fact that Bitcoin’s (BTC) latest $111K price record hasn’t pushed the global market cap above $4 trillion yet.
Scottie Pippen Now a Proud Shiba Inu Bull?
If there’s definitely a lot more potential to be unleashed, the Chicago-turned-crypto bull has a few more altcoins added to his watch list, including Shiba Inu (SHIB). However, this is not the first time when the popular Japanese hunting dog meme coin caught the bull’s eye.
Aside from Shiba Inu (SHIB) coin, Scottie Pippen has his eyes peeled on alts like Ethereum (ETH), Solana (SOL), Ripple (XRP), Binance Coin (BNB) & Cardano (ADA) & the fellow canine crypto Dogecoin (DOGE). Despite declaring altcoin season, Scottie’s bullish prediction didn’t have an immediate impact on Shiba Inu’s (SHIB) price. What’s stopping the shine?
Shiba Inu Stalls: Bears Gone Wild Again?
In spite of the 11% upswing last week, Shiba Inu’s price movement continues to stall amidst stagnant trading streams. On Spot markets, the trading volume this Monday stood at $127 million. On the Derivatives side, the market was a bit more lively with $240 million garnered in volume across all SHIB’s Perpetual smart contracts.
This has kept Shiba Inu’s market value in a narrow range, not exceeding $0.00001196 in the past 7 days. If the Shiba Inu coin doesn’t restore the $0.000012 resistance level soon, chances are another zero is added to SHIB’s price. Notably, the current on-chain metrics are mostly bearish with the large transactions dropping by 13.23%.
The significant drop of 13.23% in transactions over $100K in 24 hours aligns with the story of indecision between largest crypto investors, otherwise known as whales. The whale-tracking Money Flow (MFI) index has flashed just above 50, signaling neutrality.
On the other hand, the Parabolic Stop & Reverse (SAR) indicator, which is portrayed in the blue charts in the graphic above, hinted at prevailing crypto bear dominance. If the mentioned blue dots continue to flash above the current Shiba Inu’s price, a further downswing could be expected before Scottie’s dream manifests itself.
On The Flipside
Why This Matters
Celebrities involved in the cryptocurrency field contribute towards adoption, but the opinionated crypto predictions don’t always hit close. Surprisingly, Scottie Pippen’s controversial “Satoshi Dream” prediction was on point, predicting that Bitcoin would spark to $84.6K on November 5, 2024. A week later, Bitcoin actually breached this level on the way to $98.5K later that month.
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