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.
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.
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.