As Shiba Inu (SHIB) experiences a 3% gain within 24 hours, many are speculating whether the potential US debt ceiling deal could drive its price towards the $1 mark. With several factors influencing Shiba Inu’s market trajectory, it is crucial to examine the implications of the debt ceiling deal on its future value.
The US Debt Ceiling Deal refers to an agreement reached by the United States Congress to raise or suspend the debt limit, the maximum amount of money the government can borrow to fund its operations. The debt ceiling is vital as it determines the government’s ability to meet its financial obligations, including paying bills, servicing debt, and funding essential programs and services. Failure to raise or suspend the debt limit can have severe consequences, such as a potential government shutdown, default on debt payments, and disruption to financial markets.
Recently, the US House of Representatives passed a bill to raise the debt ceiling, averting a potential default on the country’s financial obligations. The bill, which suspends the debt limit until December 2022, received bipartisan support and now moves to the Senate for approval. The decision to raise the debt ceiling will provide the government with the necessary funds to meet its financial obligations and maintain stability in the US economy.
Shiba Inu’s current price stands at $0.000009, with a notable 24-hour trading volume of $98 billion. Over the past day, Shiba Inu has witnessed a 3% increase in its value. CoinMarketCap ranks Shiba Inu in the 15th position with a live market capitalization of $5,151,521,479 and a circulating supply of 589,353,536,242,315 SHIB coins.
Analysts observe that SHIB is trading at approximately 0.00000879 and has faced significant resistance at 0.0000089067. The four-hour timeframe reveals three bullish engulfing candles, known as three white soldiers, indicating a robust bullish sentiment prevailing in the market. Additionally, both the 50-day exponential moving average and the RSI indicator signal a buying trend, reinforcing the potential for continued upward movement.
However, one must be cautious and closely monitor the market for confirmation of the bullish sentiment by observing sustained candle closures above the resistance level of 0.000008697. Alternatively, if SHIB surpasses the level of 0.000008906, the next significant target to consider lies around 0.000009098.
With a constantly evolving digital asset landscape, it is essential to stay informed about promising cryptocurrencies. Industry experts have compiled a curated list of the top 15 digital assets to watch in 2023, ensuring professional recommendations and insights as the world of cryptocurrencies continues to develop.
Source: Cryptonews
