Shiba Inu is on the mend as markets look past the Fed and political headwinds.
The SHIB price is expected to rise 15% to the monthly S1.
With Tuesday’s high now smashed, only the high of Sunday stands in the way of further advances.
Shiba Inu (SHIB) has lost about 40% of its value owing to global market fears over the FED rate announcement this evening amid a backdrop of geopolitical upheaval. As the week unfolds, investors are beginning to see beyond these challenges and buy into SHIB price activity. This might prompt SHIB bulls to accelerate price movement towards $0.00002782, or a 16 percent gain.
The SHIB price is preparing for a bullish surge.
Shiba Inu pricing has had a bad year in 2022, with price action primarily to the negative, with bulls repeatedly forced out of their holdings, ending in a 49 percent loss for the year. Global headwinds are the primary source of the negative response in Shiba Inu, as investors are anxious about the Fed’s policy tightening and the development of tensions between Russia and Europe, with no end in sight. Now, though, the tide appears to be shifting as investors begin to look past these challenges and perceive possibilities on the horizon.
This is seen in the recent upswing in SHIB pricing, which has seen higher lows and bulls enter market action. Another motivator is the Relative Strength Index (RSI) gradually heading away from the oversold position. With yesterday’s high now out of the way, we might expect a push over the weekly high above $0.00002311. Once that level is breached, bulls will attempt to target the monthly S1 port at $0.00002478, where it crosses with the 200-day Simple Moving Average (SMA).
As military drills continue in the Black Sea for the time being, an escalation of bloodshed may be on the horizon, perhaps causing a worldwide market sell-off, with a flight to safe havens on the cards and cryptocurrencies back on their backs. In SHIB terms, this would imply a return to the monthly S2 at $0.00001629, as well as a test of last week’s lows. A break below would result in a nosedive move into $0.00001000, with the RSI extremely oversold.