Despite recent market stagnation, SHIB is showing signs of a promising week ahead, as predicted by Luckside Crypto.
In a video released on Jan. 16, excitement is building in the market following the approval of a spot Bitcoin ETF and positive sentiment reported on Jan. 13. The focus now shifts to any news related to the Coinbase case, with expectations for updates on Jan. 17, coinciding with the exchange’s federal court date in Manhattan.
The SEC has accused Coinbase of violating national security laws by selling 13 cryptocurrencies deemed unregistered securities and failing to register its staking program. Analysts believe that regardless of the case’s outcome, the market will experience significant impact due to the current lack of clarity.
Luckside Crypto points out that altcoins with established protocols are expected to outperform in the upcoming cycle, drawing parallels between market sentiment and technical trading charts. Bitcoin (BTC) is showing signs of rebounding towards $43,000 after a 7.9% dip in the past week. Meanwhile, SHIB, the Ethereum-based memecoin, remains stable at $0.0000096 but is showing positive momentum, indicating a potential upward trend.
“This is an exciting development,” the analyst expressed. “We anticipate a strong rally in the coming week.”
Against the backdrop of changing sentiments among institutions, it was reported on Jan. 12 that Vanguard had halted the purchase of spot BTC ETFs on its platform. However, Luckside Crypto believes that once institutions recognize the potential fees they could earn, they will likely join the trend, making it a matter of when, not if.
The analyst anticipates a positive upswing following the Coinbase case announcement sooner rather than later. However, the market should prepare for a period of stagnation as it absorbs selling activities from GBTC and FTX estate first.
For more insights, check out Analyst: Altcoin season index signal fires off. Stay updated by following us on Google News.