Altcoins
Shiba Inu Price Plummets as Focus Shifts to FOMC’s Monetary Policy Meeting
Shiba Inu price has been in the red for the past two consecutive days as investors shift their focus to the Federal Reserve’s two-day monetary policy meeting. The SHIB price has slipped nearly 4% over the past 24 hours, dropping below the important level of $0.00001. SHIB’s total market cap has dropped by 3.31% in the last 24 hours, while the total volume of the coin traded surged 86%. Shiba Inu currently ranks as the 15th largest cryptocurrency after Binance USD and ahead of Avalanche.
Fundamentals
Like other digital assets including, the largest – Bitcoin, Shiba Inu price has been under intense pressure since the start of the week, erasing some of the gains made in last week’s sessions. The cryptocurrency market has been on a downward trajectory ahead of the Fed’s interest rate decision for May.
The global crypto market cap has decreased by 4.30% over the last day to $1.17 trillion, while the total crypto market volume jumped by 43%. Bitcoin’s dominance has also slipped. Bitcoin and Ethereum have each plummeted by more than 5% in the last day, weakening the overall crypto market sentiment. Most altcoins tend to move in tandem with the heavyweights’ performance.
The focus is now on the meeting of the Federal Open Market Committee (FOMC) set to end later on Wednesday. Markets are anticipating a 25-basis point interest rate hike in May as the Fed battles persistent inflation. Notably, investors are focusing on whether the Fed will pause interest rate hikes after May or if they will keep them elevated. An environment of higher interest rates will be bearish for risk assets such as stocks and cryptocurrencies.
While Shiba Inu enthusiasts have been anticipating the latest updates from Shibarium, the updates will likely not yield enough bullish momentum to pump the Shiba Inu price higher. Even so, the network’s growth trends offer hope to investors for the future.
Shiba Inu Price Forecast
The daily chart shows that the Shiba Inu price has been range bound for the past few days, trading between the tight range of $0.000001 and $0.0000105. The asset has remained below the 50-day and 100-day moving averages (MA), as well as the 50-day and 200-day exponential moving averages (EMA). Additionally, it has moved below the 50-day and 100-day simple moving averages (SMA).
Its Relative Strength Index (RSI) has inched lower and currently hovers slightly above the oversold region. The Moving Average Convergence Divergence (MACD) indicator has suggested an extended bearish trajectory.
As such, the Shiba Inu price is likely to continue falling as bears take full control of the market. Therefore, a move below the support level at $0.00000930 will have sellers eyeing the crucial support level at $0.00000820. Conversely, a flip of the 50-day MA at $0.00001075 will likely push SHIB higher to the 100-day MA at $0.00001155, invalidating the bearish view.
SHIB Price Chart
Ethereum price has been in consolidation mode for the past few days as macroeconomic concerns send investors into conservation mode. At the time of writing, Ethereum was trading slightly higher at $1,832.32. ETH’s total market cap, as well as its total volume, have increased over the past 24 hours. It currently has a market capitalization of $220 billion.
Fundamental Analysis
Ethereum price has been moving sideways for the past few days, in tandem with the global cryptocurrency market as investors shift their focus to US debt ceiling talks and Fed’s monetary policy outlook. The global crypto market cap has increased by 1.30% over the last day to $1.13 trillion, while the total crypto market volume fell by more than 7%.
The cryptocurrency market has been moving sideways for the past few days characterized by a mix of bullish and bearish trading sessions. The recent trend in the cryptocurrency market has been amid the uncertainty around the outcome of the US debt ceiling talks and the prospect of a US government default. With less than a week to default, investors have shifted to conservation mode, especially around risk assets such as cryptocurrencies.
Potential interest rate hikes by the US Federal Reserve have also been weighing on the markets. Traders have ramped up bets of an interest rate hike in the Fed’s next meeting in June after several policymakers sounded their support. According to a gauge released on Friday,…
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.
Fundamentals
Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.
Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.
The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap…
-
Bitcoin2 weeks agoBitcoin Price Retests Crucial Support at $26,500 as Regulatory Concerns Intensify
-
Altcoins1 week agoPolkadot Price is in Consolidation Mode: What Next?
-
Altcoins2 weeks agoEthereum Price Tilts Slightly Higher as Focus Shifts to Fed Speakers
-
Bitcoin3 days agoBitcoin Price: BTC Bulls Need to Sustain Current Momentum for Further Price Growth
-
Uncategorized2 days agoLitecoin Price Slips 8% as Concerns Over the US Debt Ceiling Talks Grow
-
Altcoins59 seconds ago
Ethereum Price: ETH Has Managed to Flip Major Hurdle at $1,800
