Shiba inu price has been on a rally since late last week as the market forecast the halting of Fed’s interest rate hikes. Granted, the surge does not necessarily equate to a bullish trend. In the ensuing sessions, the focus will be on next week’s Fed interest rate decision.
Similar to other cryptocurrencies including the largest – Bitcoin, shiba inu price has erased most of the losses recorded in the past week. Amid the contagion concerns stemming from the collapse of the Silicon Valley Bank, more analysts are of the opinion that the Federal Reserve and other major central banks will have to pause on their interest rate hikes.
For instance, Goldman Sachs expects the Fed to halt its rate increases during the March meeting scheduled for next week. Granted, it forecasts a hike of 25 basis points in May, June, and July.
An environment of lower interest rates will be bullish for cryptocurrencies and risk assets in general. However, shiba inu price rallying does not necessarily equate to a bullish trend as of now.
To start with, traders await further direction in the form of March’s Fed interest rate decision. Besides, the highly anticipated launch of Shibarium blockchain will likely not yield enough bullish momentum to boost the altcoin past $0.00001300. While the launch may happen in a matter of weeks, there is still no official date.
Shiba Inu price prediction
SHIB/USD is in the green for the sixth consecutive session on Wednesday. The rallying comes after the cryptocurrency dropped to a two-month low on Friday last week at 0.00000969. At at the time of writing, it was up by 0.53% at 0.00001135.
A look at its daily chart shows shiba inu price still trading below the 25 and 50-day exponential moving averages. Based on both the fundamentals and these technical indicators, a bullish trend is still not solid.
In the short term, 0.00001260 will likely remain evasive for the altcoin. More specifically, the range between 0.00001093 and 0.00001190 will be worth watching in the ensuing sessions. Even with a pullback past the range’s lower border, I still expect shiba inu price to find steady support at 0.00001000.