Analysts believe Shiba Inu is primed for a rally following spot news about Bitcoin ETFs
Despite a recent stagnant market, SHIB sees the start of a good rally week for the memecoin, as Luckside Crypto predicts.
According to the video from January 16th, the market is starting to feel a little excitement after the news of the spot Bitcoin ETF approval and the positive sentiment reported on January 13th and now all the news surrounding the Coinbase- The case is expected on January 17, the day of the Exchange's federal court hearing in Manhattan.
The SEC accuses the exchange of violating national security laws by selling 13 cryptocurrencies that the SEC claims are unregistered securities and for failing to register its staking program. Many analysts agree that regardless of the outcome, given the current uncertainty, the impact on the market will be huge.
SEC vs @Coinbase, update
The hearing on Coinbase's motion for judgment on the pleadings will take place on Wednesday, January 17.
There are four possible outcomes, each with possible permutations. 👇
— MetaLawMan (@MetaLawMan) January 13
Comparing market sentiment and technical trading charts, Luckside Crypto shares that the Bitcoin (BTC) market is starting to rally towards $43,000 again after suffering a 7.9% decline over the past seven days. At the same time, previously trending altcoins such as Shiba Inu (SHIB), the Ethereum-based memecoin, are still at $0.0000096 but are putting together a green candle for the day as the analyst predicts a larger uptrend .
“This is exciting,” the analyst said. “Hopefully that means we’re in for a good week of rallying.”
Luckside Crypto reports that this coincides with a change in sentiment from institutions. Asset manager Vanguard reportedly blocked purchases of spot BTC ETFs from its platform on January 12. However, the analyst predicts that institutions will jump in as the big players realize what fees they could collect, making it a matter of when rather than if.
The analyst predicts that we could see a positive uptrend sooner rather than later following the Coinbase case announcement, although markets should expect markets to remain flat in the meantime as they absorb GBTC and FTX real estate sales first .
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