$SHIB has been rising recently, reaching a high of $0.00002668, but then encountered resistance. The question that everyone is concerned about now is whether Shiba Inu Coin can continue this wave of growth, or will it pull back?
First of all, we have to mention the large transfer of 4 trillion SHIB, which is worth about $99 million. This has caused quite a stir in the currency circle. When the big whales move, retail investors panic, fearing that they will sell and cause the price to fall. As a result, the price of SHIB fell by 5% after that, and the market value also shrank by $530 million to $14.19 billion.
As for the Federal Reserve, Chairman Powell said that there is no rush to cut interest rates now. As soon as this was said, market sentiment changed immediately. Everyone began to wonder what impact this would have on digital assets. After all, a low interest rate environment is a good helper for the rise of digital assets. As a result, Bitcoin, Ethereum, and SHIB all fell.
From a technical perspective, SHIB is now stuck at $0.000026, unable to go up or down. If it falls, $0.0000248 is a support point. Although some indicators show that SHIB still has the potential to rise, some indicators say that SHIB has risen too much and may pull back.
Worse, SHIB's trading volume has dropped by more than half during the decline, which means that people are less interested in SHIB derivatives and the momentum may really be weakening. Open interest has also dropped by nearly 3%, and traders may be busy closing positions instead of adding positions.
However, Lucie, the marketing director of Shiba Inu Coin, is quite optimistic. She thinks SHIB can still rise to $0.00006, or even $0.0001. But we still have to look at it rationally. After all, who can say for sure about the market?
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