Shibaura fell to a four-month low on Thursday as U.S. consumer prices rose more than expected, with the U.S. inflation rate for September at 8.2%, above the consensus forecast of 8.1%. Solana was also in the red, hitting a multi-month low.
Shiba Inu (SHIB)
Shibaura (SHIB) fell to a four-month low on Thursday as the market reacted to the latest U.S. inflation report.
Consumer prices rose to 8.2% y/y in September, beating expectations of 8.1%.
As a result, SHIB/USD fell to an intraday low of $0.000009385, nearly 8% lower than yesterday’s high.
SHIB moved below the $0.00000980 floor as the 14-day Relative Strength Index (RSI) also moved below the support level.
The index is currently at 29.33 and we see price strength deepening in oversold territory.
Solana (SOL)
Solana (SOL) bulls were also mostly butchered in today’s session, with the token falling to its lowest since June.
After hitting a high of $31.28 on Thursday, SOL/USD fell to an intraday low of $28.20 later in the day.
The move pushed the Solana below its floor of $30.40, resulting in the lowest price since June 18.
As seen in the chart, this latest decline has pushed the 10-day (red) moving average down and crossed over below the 25-day (blue) moving average.
This is usually a sign of bearish sentiment, meaning that Solana could be headed for further declines.
At the time of this writing, the RSI is tracking near a floor of 34.00, and if this point is broken, bears will likely add selling.
Sign up for email here to receive weekly price analysis updates via email.
Image credits: Shutterstock, Pixabay, Wiki Commons
