Popular crypto trader Peter Brandt is now talking about Shiba Inu.
SHIB is a meme coin that has come up so fast as to post a threat even to the pioneer meme coin, Dogecoin. A lot of people are now engaged with Shiba Inu, and now, the coin seems to have caught the attention of Peter Brandt.
Granted, the coin has attracted some of the biggest whales in the industry, with a good number of whales accumulating Shiba Inu in large amounts. Top 100 Ethereum Whales Now Hold 11.96 Trillion Shiba Inu Worth $155M.
Can It Hold On?
In his recent tweet, Peter shared a Shiba Inu chart that might help shed light on what the meme coin is up to price-wise. According to Peter, Shiba Inu needs to hold above the neckline to maintain a price balance and avoid capitulation. That said, the coin is still down 20% over the last seven days. That may represent a bearish sentiment, but it can be reversed if the coin holds above the said neckline, as intimated by Peter Brandt.
According to the legendary trader, shib is bullish as long as it holds the line drawn by Peter on the chart; if the coins hold the trend line, then it is the letter B (Buy), but if the trend line is violated, then we can adopt a different letter that comes later in the alphabet, which is the letter S, which means Sell.
“With SHIB hold above neckline support, or will we need to drop the letter “B” and adopt a different letter that comes later in the alphabet.”
With $SHIB hold above neckline support, or will we need to drop the letter "B" and adopt a different letter that comes later in the alphabet?💩 pic.twitter.com/vZQQI61JK1
— Peter Brandt (@PeterLBrandt) August 20, 2022
Shiba Inu is currently trading at around $0.00001296.