Shiba Inu (SHIB) experienced a strong rally following the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points on Sept. 19, 2024.
Shiba Inu (SHIB) price experienced a strong rally following the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points on Sept. 19, 2024. The altcoin surged by over 6%, reaching $0.000014 within 24 hours of the announcement.
The U.S. Federal Reserve’s decision to cut interest rates had a varying impact on different cryptocurrencies. While some coins, like SHIB, experienced a surge, others, like BTC, showed a minimal response.
The altcoin’s daily trading volume also witnessed a significant increase, surging by 60% to reach $216.95 million. This substantial rise in trading activity indicated renewed confidence among traders in the wake of the announcement.
Notably, SHIB had been trading at a price point of $0.000012 just two weeks prior to the interest rate cut. Despite earlier struggles to sustain levels above $0.000013, the altcoin’s price received a timely boost following the announcement.
At the time of writing, SHIB trades at approximately $0.00001439, showcasing a 2.67% gain over the past 24 hours.
Moreover, the price-Daily Active Addresses (DAA) divergence for SHIB, which had previously shown a negative reading, has now turned positive, indicating a 15.9% rise in network activity.
As highlighted by Shibarium Scan, daily new transactions on the Shiba Inu blockchain also experienced a surge. Commencing at 3,090 transactions on Sept 16, the volume increased to 11,360 transactions by Sept 20, marking the highest level observed within the month.
Shiba Inu (SHIB) broke out from a symmetrical triangle pattern on the daily chart, signaling a potential price surge. The technical breakout occurred following several weeks of price consolidation, which began in mid-July and continued through mid-September.
If the SHIB USD pair manages to maintain support at the $0.000013 level, we could witness a 15% rally, taking SHIB to $0.000016, which aligns with its Aug. 24 high.
The Moving Average Convergence Divergence (MACD) showed a bullish crossover, and rising green histogram bars suggested growing momentum. Additionally, the Relative Strength Index (RSI) traded above its neutral level of 50, indicating bullish price action.
Shiba Inu’s strong response to the interest rate cut and positive network signals highlight the altcoin’s sensitivity to macroeconomic events and its potential for rapid adjustment in response to such developments.
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