Shiba Inu (SHIB)amid geopolitical turmoil, this evening lost approximately 40% in value due to concerns in global markets about the FED’s interest rate decision.
In contrast, traders are starting to focus beyond these headwinds and buy SHIB price action. This could push the SHIB bulls to push the price higher towards $0.00002782, which is a 162% gain.
SHIB Price Preparing For Rise
The Shiba Inu price didn’t start the year 2022 so lucky as price action was mostly bearish, bulls were repeatedly squeezed out of their positions, resulting in a 49% loss for the year.
Investors and traders are concerned about the Fed’s policy tightening and the escalation of tensions between Russia and Europe, with no apparent solution. shiba inuThe main reason for the negative reaction in , seems to be mostly global winds. Now, the tide seems to be turning as investors begin to look beyond these headwinds and see opportunities on the horizon.
SHIB price, sees this reflected as the bullish it has experienced in the last few days, with higher lows and bulls moving into price action. The Relative Strength Index (RSI) is slowly moving away from the oversold level. With yesterday’s high already out of the way, we could likely see a spike above the weekly high near $0.00002311. Once this level gives way, it will be quite important to wait for the bulls to try to reach the monthly S1 level at $0.00002478, where it intersects the 200-day Simple Moving Average (SMA).
According to the latest media reports, as the military exercises in the Black Sea continue, investors and traders shifting their money to safer areas may trigger a global sell-off in the cryptocurrency market.
In SHIB price, this could turn S2 monthly to $0.00001629 as last week’s lows were tested. A break lower could trigger a collapse towards the RSI oversold zone lower towards $0.000001000.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.