Shiba Inu Price Prediction – Can SHIB Reach 1 Cent?
Shiba Inu price has snapped out of a short-term bullish stint that saw it tag $0.00000935. The second-largest meme coin regained the ground after revisiting support established at $0.00000840.
The bullish outlook in SHIB was reflected across the crypto market this week as investors looked forward to the US Federal Reserve decision on the interest rate. Earlier in the week, the Consumer Price Index (CPI) had returned below expectation figures, suggesting that inflation was starting to ease.
The Fed acknowledged the general public expectation by increasing the interest rate by half a point. Jerome Powell, the Fed Chair, said during the announcement on Wednesday that the focus was still on inflation.
Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) seem directionless at the time of writing. BTC has trimmed its value by 0.9% over the last 24 hours while trading at $17,654. Analysts say that Bitcoin must break and hold above $20,000 to affirm the return of the bulls.
Shiba Inu price has retreated from its weekly high at $0.00000935 and is exchanging hands at $0.00000889. Although SHIB had already overcome the selling pressure at the lower falling trend line, as shown in the eight-hour time frame chart below, the Fed-triggered bullish stint on Wednesday weakened while crossing above the 50-day Exponential Moving Average (EMA) (in red) and currently holding at $0.00000917.
A confirmed break above that level was necessary to keep the newly launched uptrend on the path to highs above $0.00001. A subsequent step beyond $0.00000941, a hurdle highlighted by the 100-day EMA (in blue), could go a long way to clear the path above the upper falling trend line.
For now, traders will be looking to see if Shiba Inu price can stay
Read more on cryptonews.com
