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Analyst Unveils Key Shiba Inu Buy Zones, Predicts Massive Pump

Sam Wisdom Raphael
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Analyst Unveils Key Shiba Inu Buy Zones, Predicts Massive Pump

Crypto analyst SHIB Knight reveals a critical level at which he plans to buy Shiba Inu, anticipating the ongoing accumulation to conclude with a “massive pump.”

The market watcher disclosed this at a time when Shiba Inu is battling to retain some of the gains it garnered during the previous uptrend. Recall that SHIB recently spiked 17% within three days to retest the $0.00003 price territory. However, this price upswing met stern resistance at the local top.

As a result, Shiba Inu faced a retracement, with SHIB Knight disclosing that he would leverage the buying opportunity from this correction to procure more tokens. At the time of his disclosure, SHIB traded for $0.00002637, firmly above the pivotal $0.000025 level and looking to defend the support at $0.000026.

Prevalent Shiba Inu Accumulation

Nonetheless, the $0.000026 support has given in at the reporting time, with the ongoing correction seeking to erase the gains from the previous upsurge. Despite the shift in trends, analysts such as SHIB Knight contend that Shiba Inu is only trading within an accumulation phase, a period preceding an imminent price explosion.

Notably, during this phase, investors, especially whales and sharks, continue to increase their holdings at lower price levels, as they await this price explosion. The Crypto Basic revealed earlier this month that Shiba Inu whales had purchased a massive 4.35 trillion SHIB tokens since March. 

Last month, three new whale addresses procured nearly 184 billion SHIB from cryptocurrency exchanges in one fell sweep. Most recently, whales amassed 503 billion SHIB in one day. This rapid accumulation is due to Shiba Inu’s price trading at a discount. However, SHIB Knight believes this discount would soon wear off, expecting the recovery push to lead to a “massive pump.” 

Multiple SHIB Price Targets

While the analyst failed to make any price projections, others have predicted lofty price targets for when this pump occurs. For instance, crypto market analyst Javon Marks presented a target of $0.0000886 for Shiba Inu when the next phase of price rally comes up. In a previous analysis, SHIB Knight also set a goal of $0.00006. 

Meanwhile, as of press time, Shiba Inu has broken below the $0.000026 support to currently trade at $0.00002560. Amid the correction, SHIB must hold above the 20-day EMA hovering around the $0.000025 pivotal support at $0.00002497. A breach below this level could lead to steeper declines.

In addition, Shiba Inu’s relative strength index (RSI) has slumped to the 52 level. While this represents weakness, the current position suggests that SHIB still has more room for growth. The commodity channel index (CCI) at 40 further confirms this market position.

Polygon (MATIC) Price Forecast: Bears target $0.50 Retest as Whales Activity Drops 50%

Mark Brennan
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Polygon (MATIC) Price Forecast: Bears target $0.50 Retest as Whales Activity Drops 50%

Polygon (MATIC) price fell to a new weekly-low of $0.69 on Friday May 31, on-chain data analysis reveals the pivotal role that whale investors have played in the ongoing downtrend. 

MATIC price is down 9% Since Ethereum ETF Approval 

Founded in 2018, Polygon (MATIC) was tipped to become the quintessential “Ethereum killer,” offering superior scalability and lower fees compared to the ETH network. 

However, recent updates on the Ethereum network in the last few years, including the Proof-of-Stake transition, have lowered fees on the beacon chain. These updates and the proliferation of new Layer-2 networks like Base and Arbitron (ARB) have seen scaling solution projects like MATIC lose significant traction. 

Following the Ethereum ETF approval last week, MATIC’s price suffered yet another major setback. 

Polygon (MATIC) Price Action after Ethereum ETF Approval
Polygon (MATIC) Price Action after Ethereum ETF Approval

Since May 21, data pulled from TradingView shows that MATIC’s price has tumbled 9% from its recent peak at $0.75 to hit $0.70 at the time of writing on May 31. 

This further intensifies the narrative that the surge in number of new Layer 2 platforms and Ethereum’s growing market dominance may be impacting the MATIC ecosystem negatively. 

It is important to note that in September 2023, the Polygon team unveiled plans to restructure the project with a new native currency called the POL token.

The team anticipates that the token conversion will help secure the protocols’ long-term viability and protect its market share as the technology surrounding smart contracts continues to evolve.

Whale Activity Declined by 40% in 10 days.

While the POL token conversion could be a highly profitable long-term solution, investors’ outlook for MATIC’s short-term price prospects still currently looks overwhelmingly bearish. 

On-chain data shows that whale investors have been increasingly cutting down their exposure to MATIC in recent days. 

IntoTheBlock’s Large Transactions chart below monitors the daily number of transactions executed on a blockchain network that exceed $100,000. This provides real-time insights into the level of whale demand a cryptocurrency has pulled.

Polygon (MATIC) Price vs. Whale Transaction Count | IntoTheBlock
Polygon (MATIC) Price vs. Whale Transaction Count | IntoTheBlock

On May 20, when news of the impending Ethereum ETF approval first broke, the Polygon network recorded 95 whale transactions. But curiously, it has been downhill since then. 

After a 10 days of persistent decline, the MATIC only pulled 54 whale transactions on May 30 according to the latest data.

This essentially shows that whale demand for MATIC has reduced by 43% since the Ethereum ETF approval. 

A persistent decline in whale transactions puts the underlying token price at risk of rapid downswings. Without the liquidity that whale transactions provide, panic sellers may drive prices lower as they look to exit. 

MATIC Price Forecast: $0.70 Support at Risk

MATIC price has historically found strong support at the $0.70 level, but the 43% rapid decline in whale transactions amid mounting sell-pressure means bears could now target a reversal toward $0.61 in the near term. 

IntoTheBlock’s Global In/Out of Money data, which groups all existing MATIC holders by their entry prices, also affirms this bullish stance. 

Screen Shot 2024 05 31 at 24352 PM
Polygon (MATIC) Price Forecast 

As seen above, there’s a formidable support cluster of 8,910 million addresses that acquired 158.36 million MATIC at the average price of $0.69. 

However, if the support level caves, MATIC’s price could slide as low as $0.61 before finding a significant buy-wall. 

Conversely, if the market enters a rebound phase, bulls must flip the major resistance at $0.73 to regain momentum. 

Garlinghouse Explains Why It is Easier for Ripple to Repeg Its Stablecoin to $1 Than USDC

Lele Jima
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Garlinghouse Explains Why It is Easier for Ripple to Repeg Its Stablecoin to $1 Than USDC

Ripple CEO Brad Garlinghouse expresses confidence in the company’s upcoming stablecoin prospects, including the likelihood for the token to gain a significant share of the stablecoin market.  

In a viral video making rounds in the XRP community, Garlinghouse said that even though Ripple has not revealed the name of its upcoming stablecoin, he is confident that the asset could gain dominance in the stablecoin market. 

“I’m very optimistic that there is a lot of market share there for it [stablecoin]. There is a lot of growth [for the upcoming stablecoin], so I’m excited,” Garlinghouse remarked.   

Garlinghouse’s confidence stems from Ripple’s strong financial position, which would ensure that the stablecoin remains pegged to the U.S. dollar. 

 

Circle’s USDC Saga 

Notably, the Ripple CEO recounted when Circle’s USDC stablecoin lost its peg to the dollar and how difficult it was for the company to restore the asset’s $1 peg.  

Recall that USDC lost its $1 peg last year, crashing to an all-time low of $0.87 on March 11. The stablecoin lost the peg following the collapse of Silicon Valley Bank (SVB), which manages 25% of USDC’s reserve. 

However, Circle assured investors that it remains committed to maintaining the $1 peg and will cover any shortfall if the bank fails to return 100% of USDC’s reserve deposits. Despite Circle’s assurance, USDC did not repeg immediately to $1. Instead, the stablecoin re-pegged completely to $1 after a few days.

Ripple Has a Strong Balance Sheet Than Circle 

Reacting, Garlinghouse attributed the difficulty restoring USDC’s $1 peg to Circle’s low balance sheet. The Ripple CEO emphasized that “USDC didn’t move” despite Circle assuring investors of its plans to “step in” and possibly cover any shortfall. 

“[USDC didn’t move] partly because I think Circle does not have a big balance sheet,” he stated. 

Garlinghouse later contrasts Circle’s position with Ripple’s, noting that if the latter had made a similar promise at the time, USDC would have regained its $1 peg. He revealed that Ripple has a large balance sheet of $20 billion to $30 billion behind it. Hence, it can easily repeg the stablecoin to $1. 

Garlinghouse’s comment suggests that Ripple has more financial backing than Circle and could potentially intervene and restore the dollar peg of its upcoming stablecoin if it faces similar issues. 

Garlinghouse Confident About Ripple Stablecoin Amid USDC and USDT Threats   

It bears mentioning that the $161 billion stablecoin market is dominated by Tether (USDT), which boasts a valuation of $111.95 billion. USDC is the second-biggest stablecoin, with a market cap of $32.34 billion. 

Market watchers believe Ripple’s upcoming stablecoin will face stern competition from USDC and USDT when it launches later this year on the XRP Ledger (XRPL) and Ethereum networks. 

Nonetheless, Garlinghouse is confident that the upcoming stablecoin would gain a significant share of the stablecoin market, which is projected to reach a $2.8 trillion valuation by 2028. 

Dogecoin Under Fire As Ripple CEO Questions its Value to Crypto Industry

Abdulkarim Abdulwahab
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Dogecoin Under Fire As Ripple CEO Questions its Value to Crypto Industry

Ripple CEO Brad Garlinghouse again takes a critical stance towards Dogecoin, asserting that he does not believe DOGE has been beneficial for the crypto industry.

Garlinghouse criticized the largest meme coin by market cap during his session at the 2024 edition of the Consensus conference. Commenting on the 10-year outlook for the crypto industry, he stressed the need for the market to mature beyond speculation. 

“Not Sure Dogecoin is a Good Thing for Crypto”

On this basis, the Ripple CEO cited an example with Dogecoin, the meme-inspired cryptocurrency with a valuation exceeding $23.22 billion. Despite acknowledging that making an illustration with Dogecoin would warrant many rejoinders from enthusiasts, he proceeded with the illustration. 

“I don’t think dogecoin has been a good thing for the industry,” Garlinghouse remarked humorously. While clarifying that he is not anti-dogecoin, he noted that he fails to see a tangible use case for DOGE. 

Furthermore, Garlinghouse contrasted Dogecoin’s lack of utility with other competing crypto projects built to solve real problems for the financial sector. He emphasized that the success of the industry over the next ten years depends on the development of useful services rather than speculative investments.

“For me, the 10-year prediction has to be about utility and not speculation; it should be about solving real problems,” Garlinghouse added.

Dogecoin Founder Disagrees

Remarkably, this is not the first time the Ripple CEO has taken a swipe at Dogecoin on an international stage. In January, at the World Economic Forum (WEF) in Switzerland, Garlinghouse disparaged meme coins, specifically highlighting Dogecoin as an exemplar of a project lacking purpose.

In response, Dogecoin co-founder Billy Markus claimed that critics of the project often failed to consider DOGE alongside Bitcoin. He confidently asserted that Bitcoin and DOGE are identical, with the only real difference being their respective ticker symbols. 

To strengthen his point, Markus offered a metaphorical comparison, suggesting that it is akin to expressing a preference for the Euro while looking down on the Yen.

Significantly, Dogecoin currently ranks just behind XRP, the digital asset Ripple uses to facilitate cross-border transactions. Additionally, it is important to mention that for the past two years, merchandise from Elon Musk’s company, Tesla, can be purchased using DOGE.

Ethereum Price Forecast: ETH Price Eyes $4,500 as Transactions Surge 300%

Mark Brennan
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Ethereum Price Forecast: ETH Price Eyes $4,500 as Transactions Surge 300%

Ethereum’s price continues to defend $3,800 despite the cooling investor impetus ahead of the next US non-farm jobs data, and on-chain data analysis reveals a rare bullish signal that could spark the next rally. 

Ethereum Price Rally Cools Ahead of US Inflation and Jobs Data 

The US Bureau of Labor Statistics is scheduled to publish the next instalment of its monthly Non-Farm Jobs data on Friday May 31. The Non-Farm Jobs is a key macroeconomic indicator that impacts how regulators and investors view the direction of change in inflation and overall economic activity. 

Within the current landscape, another decline in Non-Farm jobs could push the Fed on a step towards cutting interest rates, and vice versa. 

As the report draws closer, strategic crypto investors have cooled their trading activity, tipping the Ethereum markets into a consolidation phase over the last 24-hours, hatling the week-long uptrend from the ETH ETF approval. 

Ethereum Price Action (ETH/USD)
Ethereum Price Action (ETH/USD)

As seen above, between May 21 and May 29, Ethereum price had raced into a 30% rally, reaching a new monthly-peak of $3,974. But between May 29 and May 31, ETH price has retraced 7%, reaching a weekly low of $3,698.

This suggests that the ETH post-ETF price rally appears to have entered a recess as crypto investors take on subdued positions ahead of the upcoming US macroeconomics indices data.  

However, taking a closer look at the on-chain data, institutional investors on the Ethereum network are still carrying out large volumes of transactions behind the scenes. 

As depicted below, IntoTheBlock’s Average Transaction size provides insights into the rate at which investors are conducting large investments on a blockchain network. 

Screen Shot 2024 05 31 at 33704 PM

Ethereum Price vs. ETH Average Transaction Size

As seen above, Ethereum average transaction size stood at 1.03 ETH as of May 19. However since the Ethereum ETF approval the figure had continued to increase considerably. 

At the time of writing on May 31, Ethereum’s average transaction size has now reached 2.46 ETH, reflecting a 240% increase within the last two weeks. 

Typically, a 240% increase in average transaction size is a key bullish signal for a few reasons. Firstly, it signals improved sentiment and bullish conviction, as investors are now willing to perform higher value transactions. 

More so, these higher value transactions also indicator a significant growth in market liquidity, which prospective new entrants could find attractive. 

Ethereum (ETH) Price Forecast: Is the $4,500 target viable? 

Ethereum price is struggling to defend the $3,800 support at the time of writing on May 31. However, if the US. Non-Farm Jobs data yield a positive market reaction, the 240% surge in transactions could set the stage for ETH price to break above  $4,500 in June 2024. 

However, looking at the historical buy-in trends, Ethereum price could face a major resistance at the $4,200 during the next phase of the rally. 

Ethereum (ETH) Price Forecast
Ethereum (ETH) Price Forecast

As seen above, 7.43 million active ETH holders had acquired 3.06 million ETH at the average price of $4,213. ETH price could struggle to break out of that resistance cluster, if they opt to take profits early. 

But if Ethereum price can stage a decisive breakout above $4,200, bulls can anticipate new peaks above $4,500. 

On the downside, if ETH fails to defend the $3,700 support level, a decline towards $3,560 could be on the cards. 

Shiba Inu Whales Move 4T SHIB to Exchanges in 2 Weeks

Sam Wisdom Raphael
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Shiba Inu Whales Move 4T SHIB to Exchanges in 2 Weeks

Shiba Inu whales transfer over 4 trillion SHIB tokens valued at $103 million to crypto exchanges over a two-week timeframe, compounding selling pressure.

This is according to data from Ali Martinez, a renowned market veteran. Citing a Glassnode chart, Martinez confirmed that exchanges have continued to receive more SHIB tokens since the middle of this month. The recent shift in trend follows an extensive period of persistent exchange outflows.

These outflows began late April and continued till May 13. Interestingly, this trend of sustained exchange withdrawals coincided with a massive retracement recorded by Shiba Inu. For context, SHIB collapsed from a high of $0.00002814 on April 23 to the cycle floor of $0.00002056 on May 1. This marked a 27% drop in a week, marked by six consecutive days of losses.

Whales Send 4T SHIB to Exchanges in 2 Weeks

Despite this downward push, whales and sharks continued to pull out their assets from exchanges, possibly to self-custodial wallets for long-term storage. Shiba Inu witnessed a recovery push from the $0.00002056 low on May 1. However, the shift in price trend did not change the trajectory of these flows, as outflows persisted until May 13.

Following this period of outflows, investors started depositing their tokens to exchanges, resulting in over 4 trillion moved to exchanges over the last two weeks. Data from CryptoQuant confirms this upsurge in inflows, indicating that Shiba Inu’s exchange reserve now sits at 153.5 trillion, representing 26% of the circulating supply.

SHIBA INU Exchange Reserve All Exchanges 3
SHIBA INU Exchange Reserve

In addition, CryptoQuant’s Exchange Netflow metric provides deeper insights into these flows. Notably, Shiba Inu saw massive spikes in positive exchange netflows from May 27 and 29, coinciding with a 169% spike in transaction volume reported by The Crypto Basic on May 28. 

Shiba Inu Records Increased Exchange Inflows

Specifically, exchanges recorded netflows amounting to 607.8 billion SHIB on May 27, 1.069 trillion tokens on May 28 and 1.058 trillion on May 19. Cumulatively, these exchange saw additional 2.744 trillion Shiba Inu tokens within three days, marking the largest cluster of positive exchange netflows since late February.

SHIBA INU Exchange Netflow Total All Exchanges
SHIBA INU Exchange Netflow

Despite a recent drop in exchange reserve, amounting to 511 billion tokens over the last two days, exchange reserve is up, sitting at its highest value in nearly two months. While this rise in exchange reserve translates to an increase in selling pressure, historical data paints a different picture.

Interestingly, this spike in positive exchange netflows was also recorded by Shiba Inu in late February, right before the upswing that led to the $0.000045 peak. Notably, exchanges saw 2.122 trillion SHIB in positive netflows from Feb. 27 to 29, five days before Shiba Inu rose to $0.00004567 on March 5.

Meanwhile, at the reporting time, Shiba Inu is correcting the gains it picked up from May 27 to 29. SHIB has dropped by 6% since yesterday, currently changing hands at $0.00002588. Shiba Inu is looking to breach above the upper Bollinger Band at $0.00002746 to record another push toward a retest of $0.00003.

Cardano Eyes Rally to $0.60 if This Support Holds

Mark Brennan
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Cardano Eyes Rally to $0.60 if This Support Holds

Cardano price dips to $0.4484, falling below moving averages, with potential support at $0.427 and a possible rally to $0.60 should this support hold.

The Cardano token has encountered modest bearish pressure over the past few days. After failing to surpass the 50-day moving average at $0.475 on Monday, which acted as a low-level resistance, ADA has exhibited three consecutive days of downward movement.

Cardano ADA
Cardano ADA

Following this failed attempt, ADA broke below the 20-day moving average, currently around $0.462. This recent decline has raised concerns among traders and analysts about sustained dips.

However, should the 20-MA cross above the 50-MA, it could signal a bullish trend reversal and suggest a potential price recovery for ADA in the near future.

ADA Price Action

As of press time, ADA trades for $0.4484, reflecting a 0.48% decline for the day. The intraday market cap has decreased by the same percentage, now standing at $16.01 billion. This places ADA as the ninth largest crypto asset.

Cardano ADA
Cardano Price | CoinMarketCap

This position represents a recovery from earlier in the week when Shiba Inu briefly surpassed ADA’s market cap, relegating it to the 11th position, as reported by The Crypto Basic on Wednesday.

In line with the bearish sentiment, ADA’s 24-hour trading volume has dropped by over 23%, falling to $290.92 million. These market metrics underscore the persistent bearish outlook and the difficulties ADA faces in regaining bullish momentum.

Will $0.427 Support Spark a Rally to $0.60?

On the daily chart, the ADA/USD pair is currently trending within the red zone of the regression channel, which signifies a bearish trend. This suggests that ADA’s price will likely continue its downward trajectory in the short term, potentially seeking support at the $0.427 level.

Cardano ADA
Cardano Chart

Should this support fail to hold, the token could further decline towards the $0.40 mark and possibly lower. Conversely, if the $0.427 support level proves strong, ADA could experience a rally.

A successful hold at this level could propel the price towards the 23.6% Fibonacci level at $0.50. Furthermore, breaking above this crucial resistance might signal a robust bullish run, potentially pushing ADA to $0.60. Such a run would mark a 41.57% increase from its current support.

Shiba Inu: Boxing Legend Gives Shoutout to SHIB Community 

Lele Jima
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Shiba Inu: Boxing Legend Gives Shoutout to SHIB Community 

Legendary boxer Manny Pacquiao delivers a heartwarming message to Shiba Inu community members for supporting his philanthropic efforts. 

Pacquiao, who has earned a reputation in the boxing scene, expressed his gratitude to Shiba Inu enthusiasts in a short video message attached to the latest edition of The Shib, a bi-weekly magazine. 

Notably, Pacquiao thanked the Shiba Inu community for assisting the needy by donating to the Manny Pacquiao Foundation (MPF), a nonprofit organization the boxer established to provide life-changing support to people in need. 

The boxer, who boasts significant achievements in the boxing ring, also revealed his excitement for Shiba Inu’s L2 blockchain solution, Shibarium. 

SHIB Soars Amid Pacquiao’s Endorsement 

Pacquiao’s goodwill message to the SHIB community surprised many because the details of the donation were kept from the public until now. Nonetheless, this does not diminish the potential impact of Pacquiao’s shoutout to the dog-themed cryptocurrency. 

Typically, an asset garners significant interest whenever an influential figure like Pacquiao endorses it. Such a move helps to bolster investors’ confidence in the asset, thus contributing positively to its price. 

A case in point was Elon Musk’s endorsement of Dogecoin, which caused the price of DOGE to rally to an all-time high in 2021. 

Pacquiao’s heartwarming message to Shiba Inu was shared on May 29, the same day the price of SHIB soared over 16% to hit nearly $0.00003, placing the asset among the top 10 cryptos by market capitalization. 

However, SHIB has lost all the gains from the May 29 rally. At the moment, SHIB was changing hands at $0.00002553, down 1.5% over the past 24 hours. 

Prior Relationship Between Shiba Inu and MPF 

Meanwhile, this is not the first time Shiba Inu has engaged with the Manny Pacquiao Foundation. Last year, Shiba Inu partnered with MPF to integrate Shibarium into the organization’s operations, enhancing its activities. 

The integration will also help MPF to easily track donations, distribute funds effectively, and bolster transparency. At the time, Pacquiao also sent a heartwarming message to express his gratitude for the partnership. 

Furthermore, MPF also accepts SHIB as a method of donation on its website. 

Which Crypto Asset Has The Best Odds of Getting Approved for an ETF Next

Abdulkarim Abdulwahab
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Which Crypto Asset Has The Best Odds of Getting Approved for an ETF Next

The crypto community continues to debate which crypto asset has the best chance of securing a spot ETF after the U.S. SEC gave a green light to Ethereum-based ETFs.

Mentions of XRP and Solana (SOL) have persisted during these discussions. For instance, a recent survey assessing community opinions on which cryptocurrency is next in line for ETF approval placed options for XRP, Solana, and “Others.”

At press time, 63% of participants favored XRP, 25.9% supported Solana, and 11.1% voted for other cryptocurrencies. 

 

While the survey is still open for responses, the current turnout confirms the popular sentiment in the crypto scene. The XRP Army believes XRP is more deserving of an ETF than even Ethereum and Bitcoin. The view is rooted in the fact that XRP alone enjoys a clear regulatory position in the U.S.

Despite these sentiments, prominent asset managers such as BlackRock and Fidelity have successfully pursued the listing of Bitcoin and Ethereum ETFs in the U.S., with XRP being notably absent from their efforts.

Solana’s Chances of an ETF

Industry pundits believe the recent green light for Ethereum spot ETFs could pave the way for similar investment vehicles for other cryptocurrencies. Some analysts, including Bloomberg’s ETF specialist James Seyffart, have pointed to Solana. Supporting factors include its appeal to institutional investors and its competitive stance alongside Ethereum.

On the other hand, Seyffart does not see a Solana spot ETF coming sooner than 2026, owing to essential prerequisites for listing, such as a Solana futures market regulated by the Commodity Futures Trading Commission (CFTC).

Besides, the analyst stressed that the SEC’s view that SOL is a security could further postpone the prospects of a Solana ETF.

The Case for XRP

For XRP, Seyffart maintains a more skeptical outlook. Factors hurting XRP’s chances for a spot ETF include Ripple’s current legal battle with the SEC and the absence of a CFTC-regulated futures market for XRP.

Seyffart views these conditions as likely to take considerable time to materialize, thereby extending the timeline for the possibility of an XRP ETF.

Other Cryptos

Interestingly, widely followed community pundit Adam Cochran has argued for ETFs of Litecoin (LTC) and meme coin Dogecoin to precede any other asset. According to him, LTC and DOGE are in demand, making their case more compelling. To some extent, Seyffart agrees with the view.

Nonetheless, Ripple CEO Brad Garlinghouse expressed confidence that the SEC will eventually approve an XRP ETF and ETFs for Cardano and Solana. Garlinghouse anticipates that the approval process for these ETFs could be protracted.

Market Analyst Predicts 2x Gain for Shiba Inu Amid Tightening Coil Pattern

Mark Brennan
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0
Market Analyst Predicts 2x Gain for Shiba Inu Amid Tightening Coil Pattern

Analyst Davie Satoshi predicts Shiba Inu (SHIB) could see a significant price surge, potentially doubling its value based on a tightening coil pattern.

Satoshi recently took to social media to share his insights on SHIB’s tightening coil pattern. According to him, this pattern indicates that SHIB is gearing up for an explosive breakout, possibly doubling its current value.

SHIB’s Recent Market Behavior

Satoshi’s chart shows that SHIB has exhibited a bearish trend from March to late May, forming a descending channel with prices falling from around $0.000045 to $0.00002. However, in mid-May, SHIB broke above this descending channel, hinting at a potential bullish reversal.

Despite this breakout, SHIB continued consolidating within an ascending channel, keeping market participants on edge. As of press time, Shiba Inu has again broken above its current channel around $0.000025, signaling the potential for significant upward movement.

Davie Satoshi’s Insights

This breakout has caught the attention of investors and analysts, with experts like Satoshi anticipating a robust rally in the near future. According to Satoshi, the current phase might be the final opportunity for investors to get in before SHIB’s anticipated price surge. 

He firmly asserts that the SHIB pattern typically precedes a strong rally, predicting the token could achieve a 2x gain from its current level and potentially even more in the near future.

SHIB to $0.0000886

Meanwhile, in a recent analysis, market expert Javon Marks projected a potential rally for Shiba Inu, possibly reaching $0.0000886 in its next upward push. This forecast implies a substantial 240% uptick from its current value, potentially pushing the price beyond its all-time high.

Marks further emphasized the importance of the $0.000081 level, identifying it as a critical benchmark. Reaching this level would equate to a 210% rise from SHIB’s current market price.

Moreover, he mentioned that surpassing this key level could open the door for additional gains, with $0.0001553 as the next target. As of now, SHIB is trading at approximately $0.00002592.

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