Shiba Inu erases losses from past week, eyes 18% gains

Shiba Inu (SHIB) traders are anticipating the roll-out of futures contracts, products like Exchange Traded Funds (ETFs) that could boost the asset’s utility. An IBC report shows the contract is expected to be listed post Monday, July 15.

SHIB trades at $0.00001718 at the time of writing. 

Shiba Inu erased losses from past week

Shiba Inu made a comeback above $0.00001720, at the time of writing. The meme coin was hit by a correction that pushed SHIB price to its July 5 low of $0.00001266. SHIB has erased losses and the sentiment among traders is back to neutral from negative, per data from CFGI.io. 

The social sentiment is positive and this is likely due to traders’ anticipation surrounding the launch of Shiba Inu futures contract and related products that could boost the meme coin’s utility. 

IBC informed crypto market participants through a tweet that the new offerings could launch post July 15, and are currently pending approval by the U.S. Commodity Futures Trading Commission (CFTC), it could diversify the financial product suite for SHIB. 

SHIB is poised for nearly 18% gains

Shiba Inu is currently in an upward trend, posting higher highs and higher lows since its July 5 low of $0.00001266. SHIB erased losses from the past week, and the meme coin is likely to extend gains by 18%, pushing the price to $0.00002045, the 23.6% Fibonacci retracement of the decline from March 5 top of $0.00004567 to the July 5 low of $0.00001266. 

The Moving Average Convergence Divergence (MACD) indicator is flashing green histogram bars above the neutral line, the MACD line crossed above signal at July 5, supporting a bullish thesis for SHIB.

SHIB/USDT daily chart 

Shiba Inu could find support at the July 7 low of $0.00001468 and the July 5 low of $0.00001266, in the event of a correction.