As Shiba Inu experiences a 3% increase within 24 hours, many are speculating on its future price movement in light of the potential US debt ceiling deal. Will this development drive SHIB to reach $1? Let’s dive into the factors influencing Shiba Inu’s price and the possible 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, which determines the maximum amount of money the government can borrow to fund its operations. A failure to raise or suspend the limit can lead to severe consequences, such as a potential government shutdown, default on debt payments, and disruption to financial markets.
The US House of Representatives has passed a bill to raise the debt ceiling, averting a potential default on the country’s financial obligations. This decision 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, accompanied by a significant 24-hour trading volume of $98 billion. Over the past day, Shiba Inu has witnessed a 3% increase in value. According to CoinMarketCap, Shiba Inu holds the 15th position, boasting a live market capitalization of $5,151,521,479.
Shiba Inu is currently trading at approximately 0.00000879, having faced significant resistance at 0.0000089067. Analyzing the four-hour timeframe reveals the presence of three bullish engulfing candles, commonly known as three white soldiers. These candles indicate a strong bullish sentiment prevailing in the market. Moreover, both the 50-day exponential moving average and the RSI indicator signal a buying trend, reinforcing the potential for continued upward movement.
Keeping a close eye on the market is essential, as confirmation of the bullish sentiment depends on observing sustained candle closures above the resistance level of 0.000008697. However, if SHIB surpasses the level of 0.000008906, the next significant target to consider lies around 0.000009098.
While the US debt ceiling deal may seem to indirectly affect Shiba Inu’s price, it could potentially create a sense of stability within the financial market. That being said, it is important to remember that the cryptocurrency market is highly volatile, and several factors influence price movements. The debt ceiling deal’s impact on Shiba Inu should be monitored in conjunction with other developments and market indicators.
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Source: Cryptonews
