- Despite an 11% drop, an analyst predicts a possible upward trend for Shiba Inu.
- The upcoming SEC decision on Bitcoin ETFs could sway SHIB’s trajectory.
- At the time of writing, SHIB is trading at $0.000009577.
Shiba Inu (SHIB) enthusiasts may find a glimmer of hope amidst recent market turmoil as a notable crypto analyst hints at a potential upswing for the canine-themed cryptocurrency.
Following a significant setback during the first market correction of 2024, SHIB experienced an 11% plummet in its value, causing concern among investors. Amidst this volatility, a figure in the crypto sphere known as The Coach XD has offered a fresh perspective.
Assessing SHIB’s monthly chart, the analyst has expressed optimism, suggesting that the token might be gearing up for a positive move despite the recent dip. According to the analyst, Shiba Inu appears to have a reduced likelihood of facing further downward trends. Instead, there is a possibility of a forthcoming price surge, positioning SHIB on an upward trajectory.
However, before this potential surge, it’s speculated that SHIB might revisit its past month’s opening price, marking a probable dip of around 12% from its current valuation.
It is also worth noting that factors beyond technical analysis, such as regulatory decisions, could significantly impact SHIB’s trajectory. Of particular note is the upcoming SEC decision regarding Bitcoin spot exchange-traded funds (ETFs), scheduled for January 10.
Should the SEC greenlight the ETF applications, it could potentially trigger a bullish run not only for Bitcoin but also for various crypto assets, including Shiba Inu. Conversely, a negative outcome might lead to a market downturn, affecting SHIB’s value adversely. Currently, Shiba Inu is trading at $0.000009577.
