Crypto analyst Javon Marks has indicated that Shiba Inu has formed a bullish pattern, suggesting a potential rally of approximately 138%. Additionally, new SEC regulations bolster the positive outlook for this leading meme coin.
Shiba Inu’s Bullish Pattern Points To 138% Rally
In an X post, Marks noted that Shiba Inu’s configuration still indicates a potential rally over 138%, which could push the SHIB price back to roughly $0.000032. He emphasized that it’s merely a matter of time before this movement manifests, as a confirmed bull signal suggests it for the top meme coin.
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Previously, Marks had pointed out a divergence confirmation for Shiba Inu, fueling his belief that a bullish reversal remains plausible for the meme coin. SHIB has experienced underperformance, currently showing a year-to-date (YTD) loss of about 38%. Nevertheless, the analyst asserts that SHIB could soar to as high as $0.000081, nearing its prior all-time high (ATH).
The possible introduction of a Shiba Inu ETF might serve as a catalyst triggering a sharp rise in the SHIB price. Marketing lead Lucie emphasized that SHIB has regulated futures on Coinbase, qualifying it for an ETF under the generic listing criteria recently approved by the SEC.
Lucie remarked that the overall perspective for Shiba Inu indicates SHIB’s entry into the “ETF-watchlist club” alongside other futures-backed cryptocurrencies. She noted that even before a dedicated SHIB ETF, the meme coin could be included in a multi-asset-backed ETF. A Shiba Inu ETF would inject fresh liquidity into the ecosystem, potentially leading to increased prices.
New ATH on the Horizon For SHIB
In an X post, crypto analyst Shib Spain predicted that a new ATH is approaching for Shiba Inu. He asserted that the meme coin will rebound “strongly” from the support zone around $0.000013 and surge to new highs. Analyst Ragnar Shib commented that SHIB is gaining momentum, having achieved a 19% increase in the last 90 days.
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The analyst highlighted that Shiba Inu continues to be the leading meme token on Ethereum, fully decentralized with an expanding ecosystem including the layer-2 network Shibarium and various DeFi and NFT offerings.
Crypto analyst Investing Haven emphasized that auto burns and Shibarium enhancements are ongoing within the SHIB ecosystem, aiding in reducing the circulating supply. He cautioned, however, that risks associated with the Shiba Inu ecosystem remain high.
He further noted that SHIB is experiencing a tactical pullback, but the bullish structure continues to develop. He advised investors to monitor the burn rate and updates within the Shiba Inu ecosystem.
At the time of writing, Shiba Inu’s price is approximately $0.00001325, showing a decline over the past 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
