Shiba Inu (SHIB) price is seeing a positive headwind on Thursday morning after several days of extreme difficulty for investors. So far, the price of MEMCOIN has risen by more than 7% in 24 hours, once again regaining the target amount of $0.00001. As the uptrend looks set to continue, let’s take a look at what’s driving the uptick and why the recovery could continue.
Shiba Inu price follows positive cryptocurrency market sentiment.
Shiba Inu prices are benefiting as a result of the positive cryptocurrency market sentiment returning over the past day. Prices in financial markets mostly rose following the Federal Open Market Committee (FOMC) announcement on Wednesday.
Interest rates remained steady over the same period, returning between 5.25% and 5.5%, according to FOMC meeting minutes. This comes after the Federal Reserve announced that inflation rates are falling and there are no negative changes in the economy.
The announcement was well-received by industry giants such as BlackRock. Jeffrey Rosenberg, portfolio manager for systematic multi-strategy funds at BlackRock, said the FOMC minutes are a green light for investors.
In particular, the FOMC minutes revealed that interest rate cuts are expected to range from about 5.1% to 4.6% next year. Accordingly, the price of Bitcoin rebounded, surpassing $42,000 again, and the prices of altcoins such as Shiba Inu followed suit.
SHIB price at $0.00001 | Source: SHIBUSD on Tradingview.com
Can I proceed with SHIB recovery?
Cryptocurrency markets are still enjoying the spoils of the FOMC meeting minutes, despite a slight correction. Shiba Inu rose about 7.5% in the last day, taking its price above $0.00001. This recovery has also seen the cryptocurrency turn green in the 7-day chat and is currently showing a gain of 3.03%.
However, during the same period, SHIB’s daily trading volume decreased by 8%. This could mean less interest, but it could also mean that fewer investors are selling, especially considering the price is trending upward. With no major developments in the Shiba Inu ecosystem currently driving the price, a continuation of the Bitcoin rally may be the best thing for the SHIB price.
However, one factor that could continue to drive prices higher is that large SHIB addresses are choosing to take their tokens from centralized exchanges. As Bitcoinist reported, this address withdrew approximately 0.51% of the coin’s circulating supply from the exchange.
Currently, Shiba Inu bulls remain stable as prices continue to trade in a narrow range. If Bitcoin moves above $45,000, the meme coin could return to $0.000012.
Featured image by Watcher Guru, Tradingview.com chart