SHIB is currently the #1 trending coin on CoinMarketCap.
The Shiba Inu (SHIB) price has risen in recent hours, after falling US inflation reassured financial markets. SHIB is currently the #1 trending coin on CoinMarketCap.
The meme coin is currently trading at $0.0000106, up 11.79% in the last 24 hours, and 24.48% in the last 7 days. The Shiba Inu market capitalization reached 5.8 billion US dollars.
VIX Index Points to Falling Market Volatility
SHIB’s recent price rise comes at a time when market volatility is subsiding. A closer look at the key assets sheds some light on this. The US dollar index (DXY), which measures the value of the US dollar against other major national currencies, fell to 102, its lowest level in months.
At the same time, the VIX index, which measures volatility on Wall Street, fell to 18.85, the lowest since December 2022. The VIX is down more than 41% since its September peak, while the index DXY is down more than 13%.
The Shiba Inu price tends to behave inversely to the VIX and DXY indices. They are currently declining, as investors are optimistic about recent inflation trends. Data released this week shows that consumer inflation in the United States has fallen for six consecutive months. As a result, there is a high probability that the US Federal Reserve will initiate a turnaround in interest rates.
VIX Index futures rose more than 1% on Friday as investors focused on recent gains on Wall Street. Results from leading companies like JP Morgan, Citigroup, and Bank of America show that the US economy is under pressure.
Citigroup reported a more than 21% drop in profit, while JP Morgan warned of a mild recession in 2023. Troubled US lender Wells Fargo said its losses are mounting, as loan-loss provisions rise. Goldman Sachs reported a drop in profit in the consumer spending division, but the bank is currently in the process of cutting jobs.
Shiba Inu Course Forecast
The analysis shows that the price of SHIB has risen sharply recently. A major catalyst for this cryptocurrency is the upcoming release of Shibarium, a new and independent Blockchain, which will allow SHIB users to carry out transactions at a low cost. The launch of Shibarium has generated anticipation among Shiba investors.
The current price of the token is above the moving average lines. Oscillators like the Relative Strength Index (RSI) are also up. Therefore, it can be assumed that the SHIB rally will slow down in the coming days. Depending on how the crypto market continues to develop, Shiba Inu may resume the uptrend. If so, the next key support will be at $0.000012.
By Audy Castaneda
