Shiba Inu continues to face downward pressure but exhibits a bullish outlook amidst renewed talks of a potential exchange-traded fund and the Federal Reserve’s interest rate decisions.
Summary
- Shiba Inu’s price remains stable around $0.00001306 as bulls strive to mirror gains across the cryptocurrency market.
- Excitement surrounding exchange-traded funds and potential cuts to Fed rates could act as pivotal catalysts.
The price has also stayed above the recent dip level of $0.00001170. However, a 12% decrease in trading volume to $177 million suggests uncertainty among both bulls and bears.
Shiba Inu Situated Above $0.000013
Following a volatile drop to lows of $0.00001295, Shiba Inu (SHIB) has seen a minor rebound as leading memecoins seek recovery. At the time of this writing, SHIB was trading near $0.00001306, returning to levels where bulls have solidified their support in the past month.
A critical point for Shiba Inu is that the recent price decline followed a security breach impacting Shibarium.
This hack caused SHIB to drop to vital levels, pushing it out of the top 20 cryptocurrencies by market capitalization, which now stands at $7.69 billion. Nonetheless, with the excitement surrounding exchange-traded funds boosting sentiment for Dogecoin (DOGE), analysts believe a similar expectation could drive SHIB’s price upward in the coming weeks.
“With a multi-billion dollar market cap, extensive global exchange listings, and one of the largest retail communities in crypto, SHIB already meets some of the criteria that made Bitcoin and Ethereum ETF-ready,” recently remarked the Shibarium team.
“An ETF could introduce SHIB to a new demographic of investors who prefer traditional financial products, thereby enhancing both attention and legitimacy for the token,” they further noted.
SHIB Price Forecast as Fed Lowers Interest Rates
The overall outlook for Shiba Inu appears positive as the anticipated Federal Reserve interest rate cut nears.
Markets have been buoyant for weeks following Fed Chair Jerome Powell’s indication that the U.S. central bank plans to cut interest rates this September. On September 17, subsequent to a two-day Federal Open Market Committee meeting, the Fed confirmed a 25-basis-point cut.
Stocks reacted variably to the 25bps rate cut, which was largely expected, indicating that investors were seeking more.
Bitcoin (BTC), which showed signs of an uptick before the Fed meeting, experienced a slight gain, surpassing $116,000. Shiba Inu’s price is anticipated to align with overall crypto market trends, with bulls aiming to break past $0.000013, setting short-term targets at $0.00001475.
