Shiba Inu, the popular altcoin, has captured market attention with promising forecasts of a potential 138% price surge. This optimism follows current regulatory strides impacting SHIB futures contracts, sparking discussions around the prospect of a spot ETF. Coinbase’s recent move to introduce SHIB futures is seen as a pivotal stride in this unfolding scenario.
How Does Shiba Inu’s Technical Setup Look?
According to cryptocurrency analyst Javon Marks, Shiba Inu shows a significant upside potential that could see its value climb to around $0.000032. Marks’ analysis hinges on the current consolidation pattern of SHIB within a symmetrical triangle on a two-day chart, a formation that commonly precedes major breakouts. As of now, SHIB trades near $0.00001341.
Several technical indicators bolster this bullish perspective. The altcoin is positioned above its pivot point and surpasses the 200-day exponential moving average. Indicators such as the MACD histogram have turned positive, and the RSI remains outside the overbought zone. In a notable development, SHIB’s coin burn rate skyrocketed by 438% within just a day.
Could Shiba Inu Achieve a Spot ETF?
Yes, thanks to Coinbase’s introduction of the “1k Shib Index” futures product, a Shiba Inu spot ETF is now on the table for discussion. New rules from the U.S. Securities and Exchange Commission, effective since July, streamline the review of futures contracts linked to regulated cryptocurrencies, potentially speeding up Shiba Inu’s inclusion in ETF assessments, which might wrap up in 75 days.
“The altcoin is now listed across more than 110 exchanges with over 200 trading pairs, which could strategically advantage SHIB in any future ETF applications,” Lucie from the Shiba Inu team stated.
Analyzing the current scenario:
- SHIB’s symmetrical triangle points to a strong breakout potential.
- A significant leap in the coin burn rate suggests rising demand.
- U.S. regulatory developments could pave the way for futures-linked ETF approvals.
As market dynamics evolve, Shiba Inu stands on the cusp of potential growth, leveraging its extensive market presence alongside emerging regulatory opportunities. The coming weeks could reveal whether this digital currency can capitalize on these factors to achieve the projected surge, ultimately influencing its status in the competitive crypto landscape.
