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06/28/2024

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Crypto Analyst Dunks On Shiba Inu, Cardano, And Litecoin, Reveals Bullish Cryptocurrencies | Bitcoinist.com

Crypto researcher and analyst Trade The Flow has provided the crypto community with some trade ideas that he believes could help them be profitable despite the choppy market conditions. Interestingly, he...

Crypto Analyst Dunks On Shiba Inu, Cardano, And Litecoin, Reveals Bullish Cryptocurrencies | Bitcoinist.com

Crypto researcher and analyst Trade The Flow has provided the crypto community with some trade ideas that he believes could help them be profitable despite the choppy market conditions. Interestingly, he revealed his bearish sentiment towards Shiba Inu (SHIB), Cardano (ADA), and Litecoin (LTC) while stating these trade ideas. 

Long/Short Pair Trade For Shiba Inu, Cardano, And Litecoin

Trade The Flow mentioned in an X (formerly Twitter) post that long/short pair trade is one thing that works well in these choppy conditions. Based on this, he outlined several long/short pair trades that one could execute. First, he mentioned longing Bitcoin (BTC) and shorting Litecoin. He claimed that this trade idea was “pure common sense.”

He further explained why longing Bitcoin was a good idea, noting that the “leader of the market” just added an ETF and is being recognized worldwide as digital gold. On the other hand, Flow The Trade remarked that one short Litecoin which is an “old PoW dino coin with no network effect and no catalyst ahead.”

Litecoin
Source: X 

The second trade idea the crypto analyst mentioned was to long Ethereum and short Cardano. He stated that this trade idea was similar to the ‘Long BTC/ Short LTC’ trade he first mentioned. He said, “You long an L1 (Ethereum) that is on the brink of having its own ETF and with a lot of new layers and protocols building on top.”  on the other hand, he added that one short “a dead L1 (Cardano)” which he claimed has “no near-zero real activity.”

Cardano
Source: X

Flow The Trade mentioned longing Pepe (PEPE) and shorting Shiba Inu. He noted that this is a pair trade between the two big meme coins on Ethereum. He explained, “The idea is to long the most established meme of crypto culture (PEPE) that continues to catch a lot of market attention.” On the other hand, he suggested shorting Shiba Inu is a good idea because, in his opinion, its time has passed

Shiba Inu
Source: X

Other Long/Short Pair Trade Ideas

Flow The Trade also mentioned other long/pair trade ideas, including longing Pendle and shorting ONDO. He acknowledged this was a pair trade between two tokens with the same narratives but noted that they had “big discrepancies in their protocol metrics.” He claimed that ONDO’s FDV/TVL ratio “makes less sense” to him, and he expects the FDV/TVL ratio to reverse, especially when big token unlocks approach. 

PENDLE
Source: X
ONDO Finance
Source: X

Longing Lido (LDO) and shorting Ether.fi (ETHFI) is another trade Trade The Flow mentioned. He noted this is “more of a classic pair trade between two liquid staking protocols on Ethereum.” He explained that Lido’s TVL is 5x that of Ether.fi, but the latter’s FDV is 1.3x that of Lido and Ether.fi also has a low float, with a $160 million token unlock happening soon.

Lido
Source: X
EtherFi
Source: X

The crypto analyst claimed that this trade is a bit more risky but noted that the low float of ETHFI makes it “prone to more explosive price movement.” 

SHIB price chart from Tradingview.com (Shiba Inu, Cardano, Litecoin, Crypto analyst)
SHIB price at $0.0000177 | Source: SHIBUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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Scott Matherson

Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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https://bitcoinist.com/shiba-inu-cardano...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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