July 16, 2024


Shiba inu fell to a four-month low on Thursday, as consumer prices in the United States rose by more than expected. U.S. inflation came in at 8.2% in September, which is higher than the 8.1% consensus expectation. Solana was in the red as well, as the token also hit a multi-month low.

Shiba Inu (SHIB)

Shiba inu (SHIB) dropped to a four-month low on Thursday, as markets reacted to the latest U.S. inflation report.

Consumer prices climbed to 8.2% year-on-year in September, which is higher than expectations of 8.1%.

As a result of this, SHIB/USD fell to an intraday low of $0.000009385, which is nearly 8% lower than yesterday’s high.

Biggest Movers: SHIB, SOL Fall to 4-Month Lows, U.S. Inflation Higher Than Expected
SHIB/USD – Daily Chart

Today’s bottom is the lowest level that the meme coin has traded at since June 21, and the low comes as a key support point was broken.

SHIB moved below its floor of $0.00000980, as the 14-day relative strength index (RSI) also moved under a support level.

The index is currently tracking at 29.33, which sees price strength deep in oversold territory.

Solana (SOL)

Solana (SOL) bulls were also mostly slaughtered in today’s session, as the token fell to its lowest point since June.

Following a high of $31.28 on Thursday, SOL/USD slipped to an intraday low of $28.20 earlier in the day.

The move saw the solana fall below a floor of $30.40, hitting its weakest point since June 18 as a result.

SOL/USD – Daily Chart

As seen on the chart, this latest decline pushed the 10-day (red) moving average to cross over below its 25-day (blue) counterpart.

Typically, this is a sign of bearish sentiment, and could mean that solana may be heading for further drops.

As of writing, the RSI is tracking near a floor of 34.00, and should this point be broken, bears will likely add to the sell-off.

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Do you expect solana to fall further this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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