Shib shows signs of a death cross again, as market speculation mounts over upcoming positive news
The cryptocurrency market is bracing for the Federal Reserve's interest rate decision later today, with traders keeping a close eye on the potential impact on risk assets, including digital currencies.
The current President of the Federal Reserve, Jerome Powell, is scheduled to address the media at 2:30 p.m. ET, following the central bank's meeting, which is set to end at 2:00 p.m. ET. There is speculation that the Fed might lower its current benchmark rate of 4.25% to 4.5%, offering a potential boost to cryptocurrencies.
Meanwhile, the Shiba Inu (SHIB) token, one of the most popular meme coins, has faced a slight dip. The token has stalled amid profit-taking after a major rally in the past week. Interestingly, Shiba Inu has created a death cross on its one-hour chart, as the short-term moving average (50-hour MA) has fallen below the long-term moving average. As a result, the price of Shiba Inu has fallen for two days in a row, with SHIB down 0.18% in the last 24 hours.
On a positive note, the Shiba Inu price reached a high of $0.00001484 on Sept. 13. Elsewhere in the crypto world, CME is set to launch XRP futures options, which could potentially boost the price of Ripple's native token, XRP.
Apart from the Fed's interest rate decision, other key economic indicators are also on the horizon. The Federal Reserve's monetary policy outlook is being closely watched by the markets, with the release of the Fed's quarterly Summary of Economic Projections and a dot-plot grid showing where policymakers think rates might land in the next year.
In other news, SEC Commissioner Hester Peirce has denied endorsing any crypto projects, clarifying her stance on digital assets and regulatory oversight.
The broader crypto market is awaiting these developments, with the Fed's decision on interest rates and the outlook for rates over the next 12 months expected to have a significant impact on the crypto market's trajectory. The weekly initial jobless claims report, scheduled for Thursday this week, is another important economic indicator that could influence the market's sentiment.
