The shiba inu fell to a four-month low on Thursday as U.S. consumer prices rose more than expected. U.S. inflation came in at 8.2 percent in September, higher than the 8.1 percent expected by analysts. Solana was also in the red, with the token also hitting a multi-month low.
Shiba Inu (SHIB)
The Shiba inu (SHIB) fell to a four-month low on Thursday as markets reacted to the latest U.S. inflation report. Consumer prices climbed to 8.2 percent year-on-year in September, above expectations of 8.1 percent.
As a result, the SHIB fell to an intraday low of $0.000009385, which is nearly 8% below yesterday’s high of $0.00001025.
Today’s low is the lowest level the meme has traded at since June 21, and this low comes as a key support point has been broken. SHIB moved below its $0.00000980 low, while the 14-day relative strength index (RSI) also moved below a support level.
The index is currently at 29.33, indicating that price strength is in oversold territory.
Bulls in Solana (SOL) were also knocked down in today’s session, as the token fell to its lowest level since June. After hitting a high of $31.28 on Thursday, SOL fell to an intraday low of $28.20 earlier today.
Solana fell below the $30.40 floor, hitting its lowest point since June 18.
As seen on the chart, this latest decline pushed the 10-day moving average (red) below its 25-day counterpart (blue).
Typically, this is a sign of bearish sentiment, and could mean that Solana could be headed for further declines.
At the time of writing, the RSI is near the 34.00 floor, and if this point is broken, the bears will likely add to the sell-off.