Shiba Inu price has recorded steady performance in recent weeks compared to some of the other cryptocurrencies. Even so, it remains under pressure ahead of the Fed’s July meeting.
Fundamentals
Over a span of six weeks, Shiba Inu price has increased its value by about 27%. This is after dropping to a level last recorded in September 2021. This has been a significant correction compared to that of most other cryptocurrencies.
For instance, during the same timeframe, the leading crypto – Bitcoin – has been up by 14% while Ethereum has risen by about 7%. Granted, altcoins like Dogecoin and Solana have increased their value by 33% and 76% respectively since 10th June.
Overall, Shiba Inu has positioned itself as more than a meme coin. Its steady performance in recent weeks highlights the cryptocurrency’s potential away from its reputation as a highly volatile asset.
As the week unfolds, the broader cryptocurrency market will be reacting to the Fed interest rate decision and subsequent press conference. A hawkish Fed will likely maintain this risky class of assets under pressure.
Shiba Inu price technical analysis
Shiba Inu’s correction in recent weeks point to its potential growth. Despite the close to 30% increase in value reported over the past six weeks, the meme coin remains under pressure.
For instance, at the beginning of February 2023, it rose to a level last recorded in August 2022 at $0.00001591. It has since dropped by over 50% to $0.00000765 as at the time of writing.
A look at its daily chart shows the altcoin trading slightly below the 25 and 50-day EMAs. More specifically, the the short-term 25-day MA has remained below the medium-term 50-day MA as has been the case for over four months now.
While Shiba Inu’s growth potential is evident, I expect the bears to remain in control for a while longer. Indeed, I expect the bearish trend to continue for as long as the meme coin continues to trade below the resistance zone of 0.00000925.
In the immediate term, the range between 0.00000805 and 0.00000736 will be worth watching. Further decline may still place 0.00000710 as a steady support zone. On the upside, further rebounding will have the asset facing resistance at 0.00000856.
