SHIB, SOL Fall to 4-Month Lows, US Inflation Higher Than Expected – Market Updates Bitcoin News

On Thursday, Shiba Inu dropped to a 4-month low as American consumer prices rose more than anticipated. Inflation in the United States was at 8.2% for September. That’s higher than the consensus 8.1%. Solana also fell, with the token hitting a multimonth high.

Shiba Inu (SHIB)

The market reaction to Thursday’s U.S. Inflation Report resulted in Shiba inu(SHIB), falling to a 4-month low.

The September consumer price index rose to 8.2% in comparison with the 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.

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 fell below $0.00000980 as the support level for the 14-day relative weakness index (RSI), also dropped.

The index currently tracks at 29.33. It sees deep price weakness in the oversold area.

Solana (SOL)

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

The intraday high for SOL/USD was $31.28, but it fell below $28.20 on Thursday.

As a result, the solana fell below $30.40.

The chart shows that the latest drop in the 10-day moving average (red) has pushed it below its 25 day counterpart (blue).

This could be a sign of bearish sentiment and indicate that solana is headed for further falls.

The RSI was at 34.00 as of this writing. Should that point be broken bears could add to the selloff.

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What do you think about the possibility of solana falling further this week. We’d love to hear your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.