$SHIB is aiming for yet another breakout attempt, and some on-chain indicators suggest it will be successful
, the popular meme-inspired cryptocurrency, is approaching a key resistance level after the Federal Reserve's recent decision to raise interest rates. This resistance level, which SHIB has previously tried to break through, is likely to cause some volatility in the token's price in the near future in case of a successful breakout.
SHIB has experienced significant growth since the market reversal in January. However, the recent interest rate hike by the Fed has caused some uncertainty in the cryptocurrency market, and it remains to be seen how SHIB will act while reaching the prolonged trend line resistance level. According to the composition of on-chain indicators, Shiba Inu has been getting support from retail investors after the profitability of the token reached a new local high and approached the 40% threshold.XRP, the cryptocurrency associated with the payment platform Ripple, has reached its 200-day moving average, a key level that acts as a barrier for assets in both up- and downtrends. Reaching this level follows the recent rally on the cryptocurrency market that began in January.
Despite these short-term market conditions, Solana's long-term prospects raise some questions as large quantities of SOL are still held in whales' wallets and might get injected onto the market at any given moment.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shiba Inu (SHIB) Might Make Comeback, David Gokhshtein Speaks on Meme Token 'Bag'Shiba Inu (SHIB) comeback on horizon, David Gokhshtein talks meme tokens SHIB $SHIB SHIBCommunity ShibArmy
Read more »
Shiba Inu and Two Other SHIB Ecosystem Coins Now Accepted via Prepaid Visa CardsThis payment gateway has finally added SHIB to its prepaid cards, along with BONE and LEASH
Read more »
270 Billion SHIB Sent to Exchanges by Bankrupt Broker, Here's Shiba Inu Token Price Reaction6 trillion $SHIB holder starts moving Shiba Inu tokens to exchanges shibainu shib shibarmy shibarium shibaeternity shibadoge shibburn
Read more »
Shiba Inu (SHIB) Payments for These Virtual Debit Cards Hit New HighShiba Inu $SHIB payments hit new high at this virtual debit card service shibainu shib shibarmy shibarium shibaeternity shibadoge shibburn
Read more »
Shiba Inu (SHIB), Dogecoin (DOGE), Litecoin (LTC) Now Accepted by Top UK Basketball ClubSHIB, DOGE, LTC payments expand to million more users via this partnership $SHIB $DOGE $LTC ShibaArmy DogeFam LitecoinFam wearelondon BitPay
Read more »
Current Massive 5,572% SHIB Burn Rate Spike Not What It Seems: Details.SHIBburn rate showed an astounding rise as millions of ShibaInu were removed from circulation. WhaleStats $SHIB memecrypto
Read more »