Speculation arises regarding the potential impact of the US debt ceiling deal on Shiba Inu’s future value, raising questions about whether it could reach $1. To comprehend the factors influencing Shiba Inu’s price movement and the implications of the debt ceiling deal, let’s delve into the subject further.
US Debt Ceiling Deal
The US Debt Ceiling Deal pertains to an agreement reached by the United States Congress to either raise or suspend the debt limit, which represents the maximum amount of money the government can borrow for its operations. When the government reaches this limit, it is unable to borrow additional funds unless the ceiling is increased or suspended. The debt ceiling’s significance lies in its determination of the government’s capacity to fulfill its financial obligations, including bill payments, debt servicing, and funding essential programs and services. Failure to raise or suspend the debt limit can result in severe consequences such as potential government shutdowns, default on debt payments, and disruptions to financial markets.
US House Passes Bill to Raise Debt Ceiling, Preventing Default Risk
Fortunately, the US House of Representatives has passed a bill to raise the debt ceiling, averting the risk of defaulting on the country’s financial obligations. This bill, which extends the debt limit until December 2022, received bipartisan support and now awaits approval from the Senate. The decision to raise the debt ceiling comes in response to warnings from the US Treasury about the dire consequences of failing to do so, including disruptions to Social Security payments and adverse effects on the global economy. By raising the debt ceiling, the government will secure the necessary funds to meet its financial obligations and maintain stability in the US economy.
The debt ceiling deal:
By January 2025, less than two years away, the debt will increase from $31.4 T to $36 trillion.
And for this there are no spending reforms and some token $50 billion in cuts? They clawed back some unspent Covid money.
Waste of time. pic.twitter.com/gduzmOa2Ha
— Wall Street Silver (@WallStreetSilv) May 28, 2023
Currently, Shiba Inu is priced at $0.000009, with a substantial 24-hour trading volume of $98 billion. Within the past day, Shiba Inu’s value has increased by 3%. According to CoinMarketCap, Shiba Inu holds the 15th position in the market, boasting a live market capitalization of $5,151,521,479, and a circulating supply of 589,353,536,242,315 SHIB coins.
Extreme MAGA woke up really PISSED this morning, showing just how much President Biden’s team out-negotiated Kevin McCarthy’s team on the debt ceiling deal. That’s GOOD news for America! 💙 pic.twitter.com/QX7xw3oLG0
— Jon Cooper (@joncoopertweets) May 28, 2023
Analyzing Shiba Inu’s price trends, it is currently trading at around 0.00000879, encountering significant resistance at 0.0000089067. Notably, the four-hour timeframe reveals the presence of three bullish engulfing candles, also known as three white soldiers, indicating a prevailing bullish sentiment in the market. Additionally, the 50-day exponential moving average on the hourly chart acts as a reliable support level at approximately 0.00008500. A decisive break above this level suggests significant potential for Shiba Inu to embark on an upward trajectory. It is advisable to closely monitor the market and await confirmation of the bullish sentiment through sustained candle closures above the critical resistance level of 0.000008697. This level should be closely observed for any further price developments. Conversely, if SHIB surpasses the level of 0.000008906, the subsequent significant target to consider lies around 0.000009098.
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Furthermore, both the 50-day exponential moving average and the RSI indicator signal a buying trend, further reinforcing the potential for continued upward movement in Shiba Inu’s price.
