Shiba Inu saw faint rebound after dipping to lows of $0.00000994
The Shiba Inu added an additional zero to its price tag on September 18 as it touched key support near $0.000009, from where it rose almost 100% in July. The Shiba Inu rose almost 100% when it rebounded from a low of $0.0000098 on July 12th and reached a high of $0.0000179 on August 14th after a steady climb.
At the time of publication, Shiba Inu was down 10% at $0.0000102. Shiba Inu saw a faint rebound after dipping to lows of $0.00000994 the prior day, as bulls lost ground amid the latest price declines on the market. The meme cryptocurrency is dangling around the support at $0.000010, where it trades presently. The next stop might be near the $0.000007 mark if the $0.000009 support falters.
A double bottom pattern could be formed near the $0.0000007 level which could lead to an upside move in the near term. For an uptrend to revive SHIB, buyers may need to push the price above the daily MA 50 barrier at $0.0000126 and then the MA 200 barrier at $0.0000155, or the price may return to its current consolidation range. The RSI is approaching the oversold level of 30, which could suggest a relief bounce or at least a dead cat bounce in the near term.
However, given the current macroeconomic uncertainty, the market forecast remains gloomy and, hence, technical indicators might be put to the test.
crypto market crash
Bitcoin and altcoins fell as investors weighed in on the prospect of another 75-basis-point increase from the Fed. The Shiba Inu also posted a 10% drop, imitating normal market movements.
The two-day meeting of the Fed is scheduled to start on Tuesday, and most market participants anticipate another 75-basis-point increase by the Fed. The Fed could raise interest rates by one full point, or 100 basis points, according to some economists.
This follows an unexpected increase in inflation in August. Contrary to economists’ prediction, the consumer price index climbed 0.1% for the month and 8.3% over the previous year. Investors now speculate that the Fed will maintain higher interest rates for a longer period of time until prices drop.
As Shiba Inu remains correlated to the general market movement, it might be necessary to watch out for “macro bottoms” to predict SHIB’s next price move.