Ahead of a possible SEC approval this week for the launch of a spot Bitcoin ETF, the price of the Shiba Inu meme coin continues to track Bitcoin's momentum. After suffering a sell-off following the release of U.S. consumer inflation data from $0.00000855, it lost 6.2% in value and tested $0.00000802.
However, this drop was able to attract buying interest, bringing SHIB back to pre-decline levels. Increased risk appetite amid growing expectations that the Federal Reserve will cut interest rates next year contributed to the liquidation of longs in the digital currency market, and this process may continue. From current levels, it is possible to resume the decline, and bears may test $0.00000820/815, but bears should be extremely cautious as the launch of the BTC ETF may provoke a crypto rally.
Source: Shiba Inu (SHIB) price prediction.