As Shiba has gained 3% within 24 hours, predictions are being made for its price. Many speculate whether a possible US debt ceiling deal will propel SHIB to reach $1.
Let us find out the factors affecting the price movement of Shiba Inu and the possible effects of the debt limit deal on its future price.
US debt ceiling deal
The US debt ceiling deal refers to an agreement made by the United States Congress to raise or suspend the debt ceiling, which is the maximum amount a government can borrow to fund its operations.
Congress sets a debt limit, and when the government reaches that limit, it cannot borrow more money unless the limit is extended or suspended.
The US debt ceiling is important because it determines the government’s ability to meet its financial obligations, including paying bills, repaying debt and funding essential programs and services.
Failure to raise or suspend the debt ceiling could have serious consequences, such as a possible government shutdown, default on debt payments, and disruption of financial markets.
US House passes bill to raise debt ceiling to curb default risk
US House of Representatives has passed a bill To increase the debt ceiling, averting a possible default on the country’s financial obligations.
The bill, which suspends the debt ceiling until December 2022, received bipartisan support and now moves to the Senate for approval.
The move comes at a time when the US Treasury warned of dire consequences for failing to raise the debt ceiling, including disruption of Social Security payments and a downturn in the global economy.
The decision to raise the debt ceiling will provide the government with the necessary funds to meet its fiscal obligations and maintain stability in the US economy.
shiba inu price
the current shiba inu price stands at $0.000009, along with a significant 24-hour trading volume of $98 billion. Shiba Inu price has seen an increase of 3% in the past days.
According to CoinMarketCap, Shiba Inu is ranked 15th, boasting a live market capitalization of $5,151,521,479 with a circulating supply of 589,353,536,242,315 SHIB coins.
Shiba Inu Price Prediction
Shiba Inu (SHIB) It is currently trading around 0.00000879 while facing significant resistance at 0.0000089067.
Analyzing the four-hour time frame reveals the presence of three bullish engulfing candles, commonly known as three white soldiers, indicating a strong bullish sentiment in the market.
Moreover, both the 50-day exponential moving average and the RSI indicator are showing a buying trend, reinforcing the potential for a sustained upside move.
Moreover, the 50-day exponential moving average near $0.00008500 is acting as a reliable support on the hourly chart. As indicated by the close of the candles, a decisive break above this level shows substantial potential for an upward trajectory for the Shiba Inu.
It is advised to closely monitor the market and wait for confirmation of the bullish sentiment given the sustained candle close above the resistance level of 0.000008697. This important level should be closely monitored for any further price development.
Conversely, if SHIB surpasses the 0.000008906 level, then the next important target to consider is around 0.000009098.
Top 15 Cryptocurrencies to Watch in 2023
Stay informed about the latest ICO projects and alternative cryptocurrencies by regularly exploring our curated list of the top 15 most promising digital assets to watch in 2023.
This carefully selected roster has been compiled by industry experts from industry talk and cryptonewsMake sure you have access to professional recommendations and insight.
Stay ahead of the curve and discover the potential of these cryptocurrencies as you navigate the ever-evolving world of digital assets.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.