As Shiba gains 3% within 24 hours, predictions for its price are being made. Many speculate whether the potential US debt ceiling deal will drive SHIB to reach $1.
Let’s explore the factors influencing the price movement of Shiba Inu and the possible implications of the debt ceiling deal on its future value.
US Debt Ceiling Deal
The US Debt Ceiling Deal refers to an agreement reached by the United States Congress to raise or suspend the debt limit, which is the maximum amount of money the government can borrow to fund its operations.
Congress sets the debt ceiling, and when the government reaches that limit, it cannot borrow more money unless the ceiling is raised or suspended.
The US debt ceiling is crucial as it determines the government’s ability to meet its financial obligations, including paying bills, servicing debt, and funding essential programs and services.
Failure to raise or suspend the debt limit can have severe consequences, such as a potential government shutdown, default on debt payments, and disruption to financial markets.
US House Passes Bill to Raise Debt Ceiling, Preventing Default Risk
The US House of Representatives has passed a bill to raise the debt ceiling, averting a potential default on the country’s financial obligations.
The bill, which suspends the debt limit until December 2022, received bipartisan support and now moves to the Senate for approval.
The move comes as the US Treasury warned of the dire consequences of failing to raise the debt ceiling, including disruptions to Social Security payments and a downturn in the global economy.
The decision to raise the debt ceiling will provide the government with the necessary funds to meet its financial obligations and maintain stability in the US economy.
Shiba Inu Price
The current price of Shiba Inu stands at $0.000009, accompanied by a significant 24-hour trading volume of $98 billion. Over the past day, Shiba Inu has witnessed a 3% increase in its value.
According to CoinMarketCap, Shiba Inu holds the 15th position, boasting a live market capitalization of $5,151,521,479, with a circulating supply of 589,353,536,242,315 SHIB coins.
Shiba Inu Price Prediction
Shiba Inu (SHIB) is currently trading at approximately 0.00000879, having faced significant resistance at 0.0000089067.
Analyzing the four-hour timeframe reveals the presence of three bullish engulfing candles, commonly known as three white soldiers, indicating a strong bullish sentiment prevailing in the market.
Moreover, both the 50-day exponential moving average and the RSI indicator signal a buying trend, reinforcing the potential for continued upward movement.
Moreover, the 50-day exponential moving average on the hourly chart serves as a reliable support level at approximately 0.00008500. As indicated by the closing of candles, a decisive break above this level signifies the substantial potential for Shiba Inu’s upward trajectory.
It is advisable to closely monitor the market and wait for confirmation of the bullish sentiment by observing sustained candle closures above the resistance level of 0.000008697. This critical level should be closely monitored for any further price developments.
Conversely, if SHIB surpasses the level of 0.000008906, the next significant target to consider lies around 0.000009098.
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