Shiba Inu Price Prediction as $130 Million Trading Volume Comes In – Can SHIB Reach $1?

cryptonews.com:

SHIB, the dog meme coin-inspired ERC-20 token at the heart of the Shiba Inu crypto ecosystem, was last changing hands roughly flat on Wednesday in the $0.00000915 area,  close to its 21-Day Moving Average at $0.00000919. The cryptocurrency’s subdued tone comes despite trading volumes hitting $130 million in the past 24 hours, as per CoinGecko, and is in fitting with the broader feel to crypto market trade on Wednesday, with many traders keeping their powder dry ahead of the release of the Fed’s latest interest rate decision at 1900GMT/1400EST.

SHIB’s calm price action stands in stark contrast to that seen over the past two sessions. SHIB/USD slumped as low at the $0.00000840s on Monday, as worries about Binance solvency weighed across the crypto space. The cryptocurrency surged in tandem with the broader market in wake of Tuesday’s softer-than-expected US inflation figures, which have eased fears about how aggressively the Fed will continue to tighten financial conditions in the coming months.

All told, SHIB has seen a round trip of around 11% from Monday’s lows to Tuesday’s highs in the $0.00000930s. However, longer-term price predictions remain pessimistic, with SHIB’s technicals not looking great.

Since the collapse of FTX early last month, SHIB has been unable to hold above any of its major moving averages, with the 50DMA providing particularly strong resistance in early December. Indeed, all of SHIB’s major moving averages continue to point to the downside, a sign that bearish momentum has become entrenched. For now, buyers are holding SHIB above the $0.00000820-40 area, but the cryptocurrency remains in a longer-term downtrend. Rallies towards $0.000010 may continue to be sold and some bears will continue to target a