Cryptocurrency analyst Javon Marks suggests that Shiba Inu (SHIB) may be gearing up for a significant price increase. According to his analysis, the meme coin has formed a bullish pattern, potentially paving the way for a surge of approximately 138%. Positive developments, including the Securities and Exchange Commission’s (SEC) new regulations, also contribute to a favorable outlook for this popular digital asset.
Shiba Inu Poised for Potential 138% Price Jump, Analyst Suggests
Marks indicated in a post on X (formerly Twitter) that the current setup for Shiba Inu implies a potential rally exceeding 138%. This increase could push the SHIB price back to around $0.000032. He believes that the bullish signal is confirmed, indicating that it’s only a matter of time before this upward movement materializes for the top meme coin.
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Previously, Marks had pointed out a divergence confirmation for Shiba Inu, leading him to predict a possible bullish reversal for the cryptocurrency. While SHIB has been underperforming year-to-date (YTD), experiencing losses of about 38%, the analyst maintains that it could still climb as high as $0.000081. This surge would bring it closer to its existing all-time high (ATH).
The potential introduction of a Shiba Inu Exchange Traded Fund (ETF) could act as a catalyst, sparking significant upward momentum for the SHIB price. Lucie, the marketing lead for Shiba Inu, highlighted that SHIB has regulated futures on Coinbase, making it eligible for ETF listing under the newly approved SEC generic listing standards.
Lucie explained that this development means Shiba Inu joins the “ETF-watchlist club” alongside other cryptocurrencies backed by futures. Furthermore, even before a dedicated SHIB ETF, the meme coin could potentially be included in a multi-asset-backed ETF. A Shiba Inu ETF is anticipated to inject substantial liquidity into the ecosystem, which could drive prices higher.
Analyst Predicts New All-Time High for Shiba Inu
Another crypto analyst, Shib Spain, shared his bullish sentiment on X, asserting that a new all-time high is on the horizon for Shiba Inu. He anticipates a strong rebound from the support level around $0.000013, followed by a rally to new peak values. Similarly, crypto commentator Ragnar Shib noted that SHIB is gaining momentum, reporting a 19% increase over the last 90 days.
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The analyst emphasized Shiba Inu’s position as the leading meme token on the Ethereum blockchain. He underlined its fully decentralized nature and the expanding ecosystem that includes Shibarium, its layer-2 network, along with decentralized finance (DeFi) and Non-Fungible Token (NFT) offerings.
Investing Haven also weighed in, noting that automated token burns and Shibarium upgrades are ongoing within the SHIB ecosystem, contributing to a reduction in the circulating supply. However, they cautioned that the risk associated with the Shiba Inu ecosystem remains significant.
They further observed that SHIB is currently experiencing a tactical pullback, while the broader bullish structure is still developing. As such, they advised investors to monitor the burn rate and any improvements within the Shiba Inu ecosystem.
At the time of this report, the Shiba Inu price is trading around $0.00001325, showing a decrease over the last 24 hours, based on data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com