2023-05-29 12:20:00
Investing.com – The market has rebounded over the past few hours, following US President Joe Biden and Republican House Speaker Kevin McCarthy reached an agreement in principle to raise the debt ceiling on Saturday, including cutting some aspects of spending.
Meanwhile, the Shiba Inu currency rose by nearly 3% in 24 hours, as the US debt ceiling deal led to a rise in the price of the famous meme currency, but there are expectations that its price may reach the 1 mark.
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US debt ceiling deal
On Saturday, US President Joe Biden and Republican House Speaker Kevin McCarthy reached an agreement in principle to raise the debt ceiling, and the agreement includes cutting some aspects of spending.
The agreement included suspending compliance with the debt ceiling, which currently stands at $31.4 trillion, until January 2025, allowing the US government to pay its obligations. In contrast, the maximum non-defense discretionary spending will be maintained at current year levels in 2024 and increased by just 1 percent in 2025.
According to the Office of Management and Budget, the US government will spend $936 billion in non-defense discretionary spending in 2023, money that goes to housing, education, road safety and other federal programs.
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The extension would run beyond 2024, meaning Congress would not need to take up the contentious issue once more until following the presidential election in November 2024.
The US public debt ceiling plays an important role in determining the government’s ability to fulfill its financial obligations, which include paying government bills, covering the debt value, as well as financing important government programs and basic services, and in the event that Congress fails to reach an agreement leading to suspending the debt ceiling or even raising it, This would have dire consequences in the form of possible government shutdown, debt default, as well as financial market turmoil.
The debt ceiling deal between President Joe Biden and House Speaker Kevin McCarthy spurred risk appetite in global markets. But the deal still needs to be approved quickly by Congress to avoid a US default.
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Shiba Inu coin
The price of the Shiba Inu currency is currently $ 0.000009, and its daily trading volume has achieved a large amount of $ 98 billion during the past few hours, and the price of this meme currency has increased by 3% during the past day, and the Shiba Inu currency is in the 15th place among digital currencies With a market value of more than $5 billion.
The Shiba Inu currency is trading near the $0.00000879 price level, following facing the important resistance level at the $0.0000089067 level, and by analyzing the four-hour chart, it is clear to us that three bullish engulfing candles appeared – known as the Three White Soldiers pattern. – This indicates a significant dominance of the bullish price curve in the market.
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On the other hand, the 50-day Exponential Moving Average and the Relative Strength Index (RSI) indicate a buying opportunity, which reinforces the scenario of the continuation of the bullish price trend.
The exponential moving average indicator measured over a period of 50 days on the hourly chart forms a reliable support level near the price level of $0.000008500, and the closing candles indicate that a decisive breach of this level to the upside indicates the availability of a great possibility for the continuation of the bullish trend in the price of the Shiba Inu currency.
It is currently advised to monitor the market closely and wait for confirmation of the upward path for the price, by observing the trading candles and their continuity of closing above the resistance level at $0.000008697, and we reaffirm the importance of monitoring this price level because of its role in detecting any developments in price trends.
But if the price of the Sheba currency managed to surpass the $0.000008906 price level and stabilize above it, then attention will be directed to the next price target, which is located near the $0.000009098 level.
Caution: Please note that all price forecasts or analyzes belong to its owner, and Saudi Investing has nothing to do with it and is not responsible for it. Please be aware that the field of trading is in a high-risk field, so be careful before making any decision and any action you take regarding the information you find on this website (Investing Saudi Arabia) is entirely at your own risk. Saudi Investing shall not be liable for any losses and/or damages in connection with the use of our website.
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