- Amidst a euphoric start to October which has been characterized as a historically bullish month, Shiba Inu (SHIB) has experienced a breakout delay.
- Despite the hype around Ether futures ETF products, their performance has been underwhelming leading to ETH’s poor performance.
Shiba Inu (SHIB) has found support around $0.00000731 as it draws a short-term bearish pattern. This bearish breakdown comes in spite of a bullish outlook in the market. Historically, October has been characterized as a bullish month getting the nickname ‘Uptober’ in the crypto community. Bitcoin (BTC) at the start of the week jumped above $28,000 for the first time since Aug. 17. Ethereum on the other hand has climbed above $1,700 after a nearly 5 percent rise in the last 7 days.
SHIB has seemingly struggled to build bullish momentum. The altcoin has recorded a marginal gain of less than 1 percent in the last 7 days. Tragically, the coin has further lost nearly 4 percent in the last 24 hours and is struggling to find support above $0.000007. The drop follows a failed breakout that ended with the retesting of the $0.00000757 resistance at the start of the month. This is an expected outcome after a failed breakout with investors cashing in fearing the token is not ready to rally above recent highs.
Some of the most closely watched developments are crypto ETFs. For starters, the community is looking forward to the approval of a Bitcoin spot ETF approval in the last quarter of the year. After years of denials, regulatory pressure, and the entry of major financial institutions such as BlackRock point to the SEC approving the first spot ETF. This according to experts will drive an influx of institutional investment to the market.
Ethereum is another being closely watched with a similar spot ETF filing recently making its way to the SEC. Thus far, a few ETF-related products have been launched but according to experts, their performance has been underwhelming. Bloomberg’s ETF analyst Eric Balchunas noted that in total, Ether Futures ETFs have only attracted a little over $2 million in volumes. The analyst notes that while this is usual for recently launched ETFs, compared to $BITO which did $200m in the first 15 minutes, it is low.
Pretty meh volume for the Ether Futures ETFs as a group, a little under $2m, about normal for a new ETF but vs $BITO (which did $200m in first 15min) it is low. Tight race bt VanEck and ProShares in the single eth lane. pic.twitter.com/F9AHtrVcVf
— Eric Balchunas (@EricBalchunas) October 2, 2023
Given the performance, this seems to be a classic buy the rumor, sell the news situation. However, this is a product that will benefit investors and the digital asset in the long term leaving many optimistic about the long-term outlook.
For Shiba Inu, fundamental developments around the project remain encouraging for investors. As CNF has reported, Shibarium, Shiba Inu’s layer-2 blockchain, shows growth in transactions and staking, although it faced initial challenges. Furthermore, data from the CryptoRank platform proves that Shiba Inu historically registered significant gains in October and could possibly rally by 422 percent.
Read More: Shiba Inu Could Surge 422% in October: Historical Data Reveals
SHIB is showcasing an ascending triangle likely to trigger an 8 percent move to $0.00000815 from the neckline resistance at $0.00000757. On the downside, a breach of $0.000007 could trigger a selloff to June’s support at $0.0000065.
