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Popular crypto analyst The Coach XD speculates that Shiba Inu’s downward risk is minimal, emphasizing that a price surge could be the token’s next move.
Like most crypto assets, Shiba Inu (SHIB) was dealt a major blow last week after the market recorded its first correction in 2024.
On January 3, Shiba Inu’s price plunged over 11%, falling from $0.00001061 to around $0.00000936 in hours. This sharp correction stirred concerns among SHIB investors as they watched the value of their portfolio decline massively.
Minimal Downward Risk As Upside Is the Highest Probability
In an exciting development, prominent crypto analyst “The Coach XD” has given hope to Shiba Inu community members via his latest analysis of the canine-themed cryptocurrency.
Looking at Shiba Inu’s monthly chart, the analyst speculated that Shiba Inu currently has a minimal chance of recording another price dip. He added that a price surge could be the next move for the 18th-largest cryptocurrency by market capitalization.
Although the analyst speculates that SHIB could rally soon, he expects the token to first revisit last month’s opening price before making the move.
#SHIB chart shows key information about where we are in the monthly trend.
Unless we are about to go into oblivion, which I highly doubt, it looks like downside will completely be minimised here and upside is the highest probability.
A retest of the previous months open… pic.twitter.com/AfJZY7N4B2
— The Coach 𝕏Đ (@thedogecoach) January 8, 2024
For context, Shiba Inu’s opening price last month was around $0.00000829. For SHIB to revisit this price, the crypto asset could plunge 12% from its current price of $0.00000943.
At the time the analyst made the post, Shiba Inu was changing hands at $0.00000901. The cryptocurrency has spiked by 4% to $0.00000943 ever since.
Bitcoin Spot ETF Could Affect Shiba Inu Price
While “The Coach XD” dismissed any significant short-term price dip for Shiba Inu, caution is needed. The crypto market is volatile, with the crypto prices expected to react to the SEC’s decision on the multiple applications for Bitcoin spot exchange-traded funds (ETFs).
As reported earlier, the SEC is facing a January 10 deadline, which requires the commission to approve or deny an ETF filing from Ark Invests and 21 Shares.
If the SEC approves the application, the prices of Bitcoin and other crypto assets, including Shiba Inu, will spike. However, an adverse decision could be bearish for the market as crypto prices might plummet heavily.
In the meantime, SHIB was changing hands at $0.00000943, up 4% on the daily chart and down 11.8% in the past seven days.