(*two*)The Shiba Inu price has emerged from a short-term bull run that saw it mark €0.00000935. The second largest meme coin has regained ground after revisiting the support set at €0.00000840.
SHIB's bullish outlook was reflected in the crypto market this week as investors eagerly awaited the US Federal Reserve's interest rate decision. Earlier in the week, the consumer price index (CPI) had fell again below expected figures, suggesting that inflation was beginning to ease.
The Fed responded to the expectations of the general public by raising the interest rate by half a point. Fed Chairman Jerome Powell said in Wednesday's announcement that the focus was still on inflation.
Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) seem directionless at the time of writing. BTC has reduced in value by 0,9% in the last 24 hours while trading at €17.654. Analysts say that Bitcoin needs to break and sustain above €20,000 to affirm the return of the bulls.
Shiba Inu Price Set to Rebound as Trade Outlets Soar
The Shiba Inu price pulled back from its weekly high of €0,00000935 and changed hands at €0,00000889. Although the SHIB has already overcome the selling pressure at the lower downtrend line, as seen on the 8-hour chart below, the Fed-triggered bullish move on Wednesday weakened while breaking above the 50 EMA. days (in red). ) and currently sits at €0.00000917.
A confirmed break above this level was needed to hold the just started uptrend course of highs above €0.00001. A move beyond $0,00000941, a hurdle highlighted by the 100 day EMA (in blue), could go a long way to clear the way above the upper downtrend line.