Shiba Inu token increased 3% in 24 hours Will the US debt ceiling deal push SHIB to $1?

The price of Shiba Inu has increased by 3% within 24 hours, and many are predicting that it might reach $1, especially with the potential US debt ceiling deal. This article explores the factors that influence the price of Shiba Inu and the possible impact of the debt ceiling deal on its future value.

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 limit, which is the maximum amount of money the government can borrow to fund its operations.

The debt ceiling is determined by Congress, and when the government reaches that limit, it cannot borrow more money unless the ceiling is raised or suspended.

The US debt ceiling is critical because it determines the government’s ability to meet its financial obligations, including paying bills, servicing debt, and funding essential programs and services.

If the debt limit is not raised or suspended, it can have serious consequences, such as a potential government shutdown, default on debt payments, and disruption to financial markets.

US House Passes Bill to Raise Debt Ceiling, Preventing Default Risk

The US House of Representatives has passed a bill to raise the debt ceiling, avoiding a potential default on the country’s financial obligations.

The bill, which suspends the debt limit until December 2022, received bipartisan support and now moves to the Senate for approval.

The US Treasury warned of the dire consequences of failing to raise the debt ceiling, including disruptions to Social Security payments and a downturn in the global economy. By raising the debt ceiling, the government will have the funds it needs to meet its financial obligations and maintain stability in the US economy.

Shiba Inu Price

The current price of Shiba Inu is $0.000009, with a significant 24-hour trading volume of $98 billion. Over the past day, the value of Shiba Inu has increased by 3%.

According to CoinMarketCap, Shiba Inu holds the 15th position, with a live market capitalization of $5,151,521,479 and a circulating supply of 589,353,536,242,315 SHIB coins.

Shiba Inu Price Prediction

Shiba Inu (SHIB) is currently trading at around 0.00000879, facing significant resistance at 0.0000089067.

Analysis of the four-hour timeframe shows the presence of three bullish engulfing candles, indicating strong bullish sentiment in the market. Furthermore, both the 50-day exponential moving average and the RSI indicator signal a buying trend, reinforcing the potential for continued upward movement.

Also, the 50-day exponential moving average on the hourly chart serves as a reliable support level at around 0.00008500. A decisive break above this level signifies the substantial potential for Shiba Inu’s upward trajectory.

It is advisable to closely monitor the market and wait for confirmation of the bullish sentiment by observing sustained candle closures above the resistance level of 0.000008697. This critical level should be closely monitored for any further price developments.

Conversely, if SHIB surpasses the level of 0.000008906, the next significant target to consider lies around 0.000009098.

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Disclaimer: The Industry Talk section includes perspectives shared by individuals within the cryptocurrency industry and is not considered part of Blockchain.com’s editorial content.

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