u.today
As the meme coin market is showing an escalation in the battle for key price levels, the Shiba Inu coin ($SHIB) has come close to the psychological mark of $0.000005 and is attempting to consolidate above it, reacting to a historic decision by the U.S. Securities and Exchange Commission (SEC).
Last Friday, the SEC officially approved the launch of the T. Rowe Price Active Crypto ETF. The event became a precedent for the entire segment, as for the first time in history, a U.S. financial giant with $1.8 trillion in assets under management received permission to include the $SHIB token in an official regulated fund.
According to the filed documentation, the fund will trade on NYSE Arca, while Anchorage Digital Bank will serve as the custodian of the digital assets. $SHIB was included in a pool of 15 approved tokens alongside BTC, ETH, SOL and DOGE.
While the $SHIB community continues to debate the potential for a rally, technical analysis of the market structure points to the formation of a unique trading setup:
- A lack of resistance volume, expressed through the Volume Profile, shows that the current zone of $0.00000496-$0.00000504 is located in a price vacuum. Above this mark, there are almost no large sell orders up to the $0.00000680 level, which could trigger an impulsive price surge with even the slightest inflow of capital.
- Hidden accumulation is evident too, as market momentum indicators have entered deep oversold territory and started forming a bullish divergence. The price updated its local low, but selling pressure has completely dried up, giving way to large buyers.
Can the ETF become the catalyst for a rally?
Not everything is ideal for $SHIB, and the structure of the new ETF has its own specifics. Unlike standard crypto funds, the T. Rowe Price instrument is actively managed and under the "5-to-15" rule, the fund's managers can dynamically change the portfolio composition, holding between 5 and 15 assets at the same time.
This means the fund will not hold $SHIB permanently. Its managers will buy the token using computer models only during moments of strong market momentum and fully exit it when the market cools down.
If the current dynamics on the $0.000005 level end with a daily candle closing above this zone, the launch of the new ETF's trading algorithms could trigger a massive short squeeze. In this scenario, the first price target would be the strong historical point of control at $0.00001344.