By Bitcoinist - 3 months ago - Reading Time: 2 minutes
Shiba Inu Ready For Upward Movement, Crypto Analyst Says
In an encouraging development, cryptocurrency analyst “The Coach XD” has given members of the Shiba Inu community optimism with his most recent analysis on the Ethereum-based meme coin, SHIB.
Shiba Inu Sparks Upside Movement
The crypto analyst revealed his optimism on Shiba Inu placing the meme coin as one poised for an upswing as momentum picks up. Coach XD took to X (formerly Twitter) to share his projections on Shiba Inu’s price action with the SHIB community.
In the predictions that delve into Shiba Inu’s monthly price action, the expert pointed out that the token’s downward risk appears to be low, and believes a price spike might be the next move.
Coach XD noted that the SHIB monthly chart is currently demonstrating “key information about where we are.” Despite his optimistic predictions, Coach XD believes that SHIB will first test last month’s starting price before moving higher.
The post read:
Unless we are about to go into oblivion, which I highly doubt, it looks like the downside will completely be minimized here and the upside is the highest probability. A retest of the previous month’s open price, with strong support and remaining in an uptrend.
The Coach XD’s predictions came amidst the token recovery from a price dip it experienced a few days ago. Shiba Inu, like the majority of cryptocurrency assets, suffered a major setback this week following the market’s first downturn since 2024.
The price of Shiba Inu fell by more than 11% on January 3, going from $0.000016 to about $0.00000936 in a matter of hours. This abrupt correction alarmed SHIB investors, as they saw the value of their portfolio plummeting dramatically.
However, the token appears to be slowly gaining momentum heading towards the $0.00001 price mark. As of the time of writing, SHIB is trading at $0.000009423, indicating an increase of over 2% in the past 24 hours.
Factors That Could Bolster SHIB Price
One factor that could propel the price of Shiba Inu in the near future is the approval of the Bitcoin Spot Exchange-Traded Fund (ETF). At least one BTC spot ETF product is anticipated to be approved by the United States Securities and Exchange Commission (SEC) this week.
The SEC’s approval of the proposal could ignite a sharp increase in the price of Bitcoin and other digital assets, such as Shiba Inu. Nonetheless, a rejection may be detrimental to the market, which might lead to a sharp drop in crypto prices.
The Coach XD may have discounted any notable temporary decline in the price of SHIB, but still, care should be taken. This is due to the volatility of the market as it anticipated that prices would move in response to the SEC’s decision on the Bitcoin Spot Exchange-traded Fund (ETF).
Original source: Bitcoinist