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.
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.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect solana to fall further this week? Let us know your thoughts in the comments.
Eliman Dambell
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
