Shiba Inu (SHIB) price is experiencing a bear wave as FED officials paint a grim picture of the rate path. According to crypto analyst Filip L, SHIB price is holding back as quarterly gains have made investors nervous. The analyst expects a correction from SHIB towards $0.000002200. We have prepared Filip L’s analyzes for our readers with his own narration.
When to buy Shiba Inu (SHIB) before it explodes?
Shiba Inu (SHIB) price declines below $0.00002600 as it was rejected by the monthly pivot at $0.00002550 after forming a bull trap. Additionally, the Relative Strength Index (RSI) dips below 50, indicating waning interest from traders as traders are nervous as the new earnings quarter starts today. In the meantime, as reported in the news of Kriptokoin.com, the comments made by the FED this morning probably drew a more hawkish rate path for the near future. This is important for determining risk appetite in the coming weeks and months and could push SHIB price towards $0.00002200 for now, resulting in a 12% loss.
SHIB is sliding further down after the bulls tried to bounce back above the monthly pivot at $0.00002550 on Monday. Instead, the bulls were beaten at the opening Tuesday as volume surged after the bank holiday. Investors are already in for a rude awakening, with a few comments from a Fed official pointing to a 0.75% rate hike at the next Fed meeting. ASIA PAC investors quickly returned SHIB tokens for cash and tried to stay away for a while.
So SHIB price will bleed more in the session today and possibly for the next few days. Tomorrow, NETFLIX will report earnings after the bell, which will be taken as the leading indicator for FAANG shares and the Nasdaq, an event to watch closely. Investors can continue to withdraw cash from SHIB. This could result in the long-term green ascending trendline, the monthly pivot S1 just below, and a triple bottom 12% correction from April 11 to $0.00002200 to capture the price action.
If the gains before the US opening bell signal a wave of positive news, there could be a quick reversal in price action. In this case, the RSI will rise above 50, attracting more buyers and investors and paving the way for SHIB price to close above $0.00002550. With a one-day close above this, the road will be paved at $0.000002800 with an 11% gain in the coming days.
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