Shiba Inu price made subtle movements on Friday after rebounding from its four-month low in the previous session. As at the time of writing, the altcoin was up by 0.19% at $0.00001041. Amid the persistent economic turmoil, its partnership with Google has attracted more buyers.
Fundamentals
On the one hand, Shiba Inu price is under pressure from the high inflation, ultra-hawkish Fed, and concerns over the probability of a recession. In fact, the US inflation data is largely behind the altcoin’s decline to a four-month low on Thursday.
According to the Labor Department, consumer prices rose by 8.2% in September compared to a similar period in the past year. The figure was higher than the economists’ forecast of 8.1%. The figures rubber stamped further interest rate hikes by the Fed; an environment that has been a key bearish driver for Shiba Inu price and the broader class of cryptocurrencies.
Even so, the partnership between Goggle and Coinbase has boosted the altcoin. Through the collaboration, Google is set to accept cryptocurrencies as a mode of payment for its cloud services as from early 2023. As indicted during the Google Cloud Next Conference, SHIB, DOGE, and BTC are some of the selected cryptos. Traders expect the news to increase Shiba Inu’s adoption.
Shiba Inu price prediction
SHIB/USD is hovering around the 25-day exponential moving average as shown on its daily chart. Even so, it remains below the medium-term 50-day EMA.
In the short term, I expect Shiba Inu price to remain above the four-month low hit on Thursday at 0.00000925. With that in mind, the range between 0.00001087 and 0.00001033 will be worth watching.
A pullback will likely have the bulls defend the critical support zone at 0.00001000. On the upside, 0.00001116 may remain a resistance level worth watching in the ensuing sessions.
