Shiba Inu (SHIB) Meme Coin Price Soars after FED Rate Cut.

NAIROBI (CoinChapter.com)— 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. The altcoin surged by over 6%, reaching $0.000014 within 24 hours of the announcement.

Fed Rate Cut Sparks SHIB Surge and Trading Activity

The U.S. Federal Reserve’s decision to cut interest rates by 50 basis points on Sept. 19, 2024—the first cut in four years—impacted Shiba Inu prices. The daily trading volume surged by 60%, reaching $216.95 million, reflecting renewed confidence among traders.

Market optimism comes after SHIB traded at $0.000012 just two weeks ago.

Shiba Inu (SHIB) price chart. Source: CoinMarketCap

SHIB struggled to stay above $0.000013 last week, but the recent rate cut provided a timely boost for recovery. As of Sept. 20, SHIB trades at approximately $0.00001439, reflecting a 2.67% gain over the past 24 hours.

Shiba Inu (SHIB) Price-DAA Divergence. Source: Santiment

Shiba Inu’s price-Daily Active Addresses (DAA) divergence, which previously showed a negative reading, has now turned positive, indicating a 15.9% rise in network activity.

According to Shibarium Scan, daily new transactions on the Shiba Inu blockchain have also surged. Transactions increased from 3,090 on Sept 16 to 11,360 by Sept 20, marking the highest monthly level.

SHIB Eyes Rally After Breaking Key Pattern

Shiba Inu (SHIB) broke out from a symmetrical triangle pattern, signaling a potential surge. The technical breakout occurred after weeks of price consolidation from mid-July to mid-September.

SHIB breaks above the symmetrical triangle pattern. Source: TradingView

If the SHIB USD pair maintains support at the $0.000013 level, we could see a 15% rise to $0.000016, matching its August 24 high.

The Moving Average Convergence Divergence (MACD) showed a bullish crossover, and rising green histogram bars suggest growing momentum. Furthermore, the Relative Strength Index (RSI) traded above its neutral level of 50, indicating bullish momentum.

Shiba Inu’s recent rally, combined with positive network signals, underscores its ability to respond swiftly to macroeconomic events.

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