- Shiba Inu has recovered recent losses and is poised for an 18% potential price increase, driven by anticipation of a futures contract listing on Coinbase pending regulatory approval.
- Trading sentiment has shifted positively as market participants await developments in SHIB’s financial product offerings.
SHIB Poised for Growth with Anticipated Futures Contract Listing
Shiba Inu (SHIB) has recently reversed its losses from the past week, sparking excitement among traders and investors. As of Sunday, SHIB is trading at $0.00001718, reflecting a significant recovery from its previous low. This resurgence comes as the crypto community eagerly anticipates the potential listing of Shiba Inu futures contracts on Coinbase, pending approval from the U.S. Commodity Futures Trading Commission (CFTC).
Anticipation of Futures Contracts Boosts Sentiment
The Shiba Inu futures contract is expected to be listed on Coinbase after July 15, according to a report by IBC Group. This potential listing has generated a wave of optimism within the SHIB community, as traders believe that such financial products, including Exchange Traded Funds (ETFs), could enhance the utility and adoption of the meme coin.
Coinbase is expanding, introducing futures for Shiba Inu, Avalanche, & more altcoins.
— IBC Group Official (@ibcgroupio) July 1, 2024
Manage risks and speculate on price movements with reduced upfront capital.
Pending CFTC approval, these new offerings could launch post-July 15, diversifying their financial product suite. pic.twitter.com/KYWOUYPhM8
An IBC report indicates that the contract’s listing is contingent on CFTC approval, but the mere prospect of this development has already shifted market sentiment. Data from CFGI.io reveals that trader sentiment has moved from negative to neutral, suggesting growing confidence in SHIB’s potential.
Technical Indicators Point to Bullish Momentum
Currently, Shiba Inu is experiencing an upward trend, characterized by higher highs and higher lows since hitting a low of $0.00001266 on July 5. The meme coin has managed to erase its previous losses, and analysts are forecasting an 18% gain, which would push SHIB’s price to approximately $0.00002045. This target aligns with the 23.6% Fibonacci retracement level, measured from the March 5 peak of $0.00004567 to the July 5 trough.
Supporting this bullish outlook is the Moving Average Convergence Divergence (MACD) indicator. As of July 5, the MACD line has crossed above the signal line, with green histogram bars appearing above the neutral line. This indicates positive momentum and supports the thesis of an impending price increase for SHIB.
Shiba Inu’s recent price recovery and the anticipation of futures contracts listing on Coinbase have set the stage for potential gains. With the SHIB community eagerly awaiting regulatory approval, the meme coin could see a significant boost in utility and market performance. If the bullish trend continues, SHIB could extend its gains by 18%, marking a promising phase for traders and investors alike.