This Friday, amid a general downturn in the cryptocurrency market, the price of Shiba Inu fell 2.5%. Indeed, the price of the second-largest meme token did not react well to the numbers in the US Consumer Price Index (CPI) report. CPI is the benchmark for inflation in the world’s largest economy.
CPI came in at 8.2% in September, beating market watchers’ expectations. However, the effects of inflation over the next few months will continue to be felt by investors and consumers will continue. In question, the intention of the Fed (Federal Reserve) to continue to raise interest rates to fight against this so-called galloping inflation.
The Shiba Inu Price Hemorrhage Is Far From Ending
Shiba Inu broke out of the uptrend it had been maintaining from crucial support set at $0.000007500 towards $0.00001778. Prior to this rebound, SHIB was facing a steep decline from its all-time high of $0.00009000.
We can thus observe on the 3-day chart below that the downtrend formed after the Shiba Inu price peak of $0.00001778. On the other hand, trading below the 50-day SMA (simple moving average) has continuously boosted the odds of a bearish outcome.
Today the shiba price Inu is trading slightly below the red line and this trend is likely to strengthen its decline to the short-term support at $0.000008960 or down to $0.000007000.
The position of the EMD (Directional Movement Index) indicates that the sellers hold the reins. In the days to come, the pressure is likely to intensify if the -DI, red, crosses above the +DI, blue.
On the other hand, the Stochastic Oscillator, an indicator that shows whether an asset is overbought or oversold, is holding at 30.00. Therefore, the traders optimists have a chance to fight for control of the shiba inu price in the next sessions, provided that this index maintains an upward slope towards the middle line.
IntoTheBlock’s IOMAP (In/Out of the Money) paints a bleak picture for SHIB. According to him, under pressure from investors, SHIB’s price is likely to experience an immediate rebound and reach a strong supply zone at $0.000011000.
Furthermore, we note that approximately 20,000 users previously purchased 55.22 trillion SHIB tokens around this level. As the price of Shiba Inu moves up the scale, investors in this zone may choose to sell to break even, which further strengthens the downtrend.
On the other hand, due to the lack of firm support areas, the path of least resistance of SHIB remains down. Traders should consider potentially profitable positions at $0.000008960 and $0.000007000.
Google Cloud accepts SHIB payments
After partnering with Coinbase, the tech giant Google now accepts payment for its services in Shiba Inu and nine other cryptocurrencies. Dogecoin (DOGE) is another meme cryptocurrency that made it onto the list alongside major cryptos like Bitcoin (BTC) and Ethereum (ETH).
Coinbase Commerce, a platform tailor-made for corporate payments in digital assets, is at the forefront of this development. Google plans to expand the scope to include Coinbase Prime which is a platform primarily used by large corporations.
We want to make migration to the Web3 faster and easier, and this partnership with Coinbase helps developers get closer to that goal,” said Thomas Kurian, CEO of Google.
Meme Currency Alternative – Tamadoge
Tamadoge (TAMA), the meme currency giving Shiba Inu and Dogecoin a hard time, is poised to edge closer to $1.00 after a successful listing in September. TAMA’s price is up 15% even as Shiba Inu and the majority of other cryptocurrencies in the market struggled on Thursday. Despite the session’s high of $0.0408, Tamadoge’s price has fallen 78.9% from its all-time high of $0.1944 which occurred on October 4, 2022. Investors see this drop as opportunities for buy down.
TAMA’s success is based on the 28,000 holders that he was able to get at his peak. According to Etherscan statistics, the number of holders has slightly decreased to about 26,000. A careful analysis of this drop reveals that some holders have liquidated part of their stake in the project, but they will probably continue to make Hodling.
Tamadoge stands out from its peers with its revolutionary technology in P2E (play-earn) games and NFT. The project is significantly smaller than Shiba Inu, with a maximum supply of 2 billion tokens. With a 5% burn program linked to its P2E game, TAMA is poised for massive growth in the near future.
Buy TAMA on OKX DEX
Buy TAMA on OKX DEX
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