When the market opened, heavy selling pressure came in and by midday, the S&P 500 had given up most of its gains. Bitcoin and Ethereum were stronger in comparison, hanging on to some of their gains to trade about 2.5% higher.
Shiba Inu, the crypto sector and the general market could be in for another volatile day on Wednesday, when the Federal Reserve is set to announce how high it plans to raise interest rates.
Regardless of chart patterns, many securities will rip higher if the Fed announces a 0.50% raise or surprises with a 0.25% increase, although if the central bank hikes rates by 0.75% for a fifth consecutive time, the markets could plunge significantly.
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The Shiba Inu Chart: From a technical perspective, Shiba Inu could be settling into an inverted cup-and-handle pattern, with the inverted cup developed between Nov. 22 and Dec. 12 and the upward sloping inverted handle beginning to develop on Tuesday.
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