Eyes on Shiba Inu as crypto market faces decisive week
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According to IntoTheBlock data, Shiba Inu's large transaction volumes came in to $92.42 million in the last 24 hours, representing a 540.04% increase. This amounted to 5.71 trillion SHIB in crypto terms.was trading down 1.43% in the last 24 hours to $0.00001623 as the cryptocurrency market posted mixed price action ahead of key data releases during the week.
This comes as doubts about the future of monetary policy linger, and Fed officials have frequently stated that they will wait for evidence indicating that inflation is easing before decreasing interest rates.Fed Chairman Jerome Powell is also scheduled to testify this week, on Tuesday before the Senate Banking Committee, and Wednesday before the House Financial Services Committee.
Several other Fed officials are scheduled to speak during the week, which could provide additional insights. On the upside, a significant break above the daily simple moving averages 50 and 200 at $0.00001936 and $0.00002088 could herald a bullish rebound; in the short term, $0.000012 is expected to serve as important support.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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