Shiba Inu continues to struggle with downside pressure but appears bullishly positioned amid fresh chatter around a potential exchange-traded fund and the Federal Reserve’s interest rate decision.
Summary
Price is also above the level seen during that dip to a low of $0.00001170 last week. However, a 12% decrease in trading volume to $177 million suggests indecisiveness for bulls and bears.
After a volatile swing to lows of $0.00001295, Shiba Inu (SHIB) has posted a slight bounce as top memecoins target a potential recovery. SHIB traded near $0.00001306 at the time of writing. The memecoin’s price is back at levels where bulls have consolidated support over the past month.
Notable for Shiba Inu is that its recent price dip followed the security breach that impacted Shibarium.
The hack saw SHIB retreat to key levels, dropping out of the top 20 cryptocurrencies by market capitalization, currently at $7.69 billion. But with exchange-traded fund anticipation driving sentiment for Dogecoin (DOGE), analysts say a similar expectation may catalyze SHIB’s price gains in the coming weeks.
“With a multi-billion dollar market cap, global exchange listings, and one of the largest retail communities in crypto, SHIB already meets some of the same criteria that made Bitcoin and Ethereum ETF-ready,” the Shibarium team recently wrote.
“An ETF could expose SHIB to a new class of investors who prefer traditional financial products, bringing more attention (and legitimacy) to the token,” they added.
As with other cryptocurrencies and tokens, the overall outlook for Shiba Inu is bullish as the highly anticipated Federal Reserve interest-rate cut arrives.
Markets have been upbeat for several weeks after Fed Chair Jerome Powell hinted that the U.S. central bank would cut interest rates this September. On Sept. 17, after a two-day Federal Open Market Committee meeting, the Fed announced a 25-basis-point interest-rate cut.
Stocks were mixed as the market reacted to the 25bps rate cut, which was already priced in and suggests investors wanted more.
Bitcoin (BTC), which showed signs of spiking ahead of the Fed meeting, gained slightly as it edged above $116,000. Shiba Inu’s price will follow the overall crypto market movement, with bulls’ advances beyond $0.000013 including short-term targets of $0.00001475.
