SHIB Straddles Resistance Amid Elevated Rate Hike Probability

SHIB is currently trading at approximately $0.00000536, caught between its structural floor of $0.0000050 and resistance from its 200-day moving average ($0.00000568). The asset's price has been volatile in recent days, with a 58% probability of a Fed rate hike looming on September 16.

Bitcoin, which often drives SHIB rallies, is currently stuck below $79,000 and unable to clear the $80,000-$82,850 sell wall for the third consecutive session. This is a major concern for SHIB traders, as it suggests that the broader market is not pricing in any breakouts.

The recent $320 million exploit on Bitcoin's Liquid Network sidechain has also raised concerns about the safety of Layer-2 infrastructure, which is crucial to Shibarium's value proposition. However, Japan's FSA licensing move and SHIB's placement on the JVCEA Green List are positive developments for the meme coin.