Skip to main content

Biggest Movers: SHIB, SOL Fall to 4-Month Lows, US Inflation Higher Than Expected

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.

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.

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.



from Bitcoin News https://ift.tt/CeGvgOc
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more