- Shiba Inu price dropped in some nervous trading on Wednesday.
- SHIB jumped higher on Thursday morning in the ASIA PAC session after Chinese PPI numbers.
- Traders and markets are holding their breath ahead of of US CPI numbers later this Thursday.
Shiba Inu (SHIB) price action tanked 1.5% in late trading on Wednesday after markets got shaken by several comments from both ECB and Fed members. It has become clear that division is creeping into the US Federal Reserve's decision-making, which could spell trouble and bite its credibility. Markets recovered quite quickly, and SHIB jumped 5% after Chinese Producer Price numbers showed a firm cooldown in the economy with a negative print, propping up expectations of a lower US inflation number on Thursday.
Shiba Inu price set to hit $0.00001000?
Shiba Inu price action is showing mixed signals as markets are starting to get nervous about positioning themselves due to several types of information coming out. Just an oversight of what traders already had to digest: Fed hawks are demanding more hikes and a terminal level above 5% throughout 2023; Fed minutes showed a vote split with three in favor of no hike at the next meeting; equities are continuing their recovery; and the US Dollar continues to weaken. These are just a few elements traders are trying to price in. Together they explain why markets are shaky when new comments could break the current recovery rally at any moment.
SHIB is thus a simple print of those elements mentioned above and a great example of proof that technical levels work. On Wednesday, the monthly pivot acted as support for a bounce back up intraday, and this morning the top of Tuesday got tested near $0.00000966. Expect the US inflation print on Thursday afternoon to be the best possible catalyst to break the current double top and ideally close above $0.00001000.
SHIB/USD daily chart
The rally has been a bit quick, and the last couple of days have triggered quite a lot of volatility. That has triggered a substantial spike in the Relative Strength Index (RSI), which has been hitting the overbought barrier. This could scare off traders from entering right now. Should US inflation this afternoon fall in line or even jump higher, expect to see a sharp decline back to $0.00000800.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin extends correction below the $60,000 level
Bitcoin extends correction and erases Friday’s gains after being unable to hold above the psychologically important $60,000 level over the weekend. Since Saturday’s opening, BTC erased nearly 3% of its value and trades near $58,500 at the time of writing on Monday.
PEPE slides as whales lose interest, traders engage in profit-taking
PEPE (PEPE) posts losses for a third consecutive session on Monday as on-chain metrics show a sharp decline in large-volume transactions from whales and a spike in profit-taking in the last six days.
European crypto fund founder calls Tether $118 billion scam
Founder of Cyber Capital, Europe’s oldest crypto fund, criticized Tether for their reserves and said there has been no audit since 2021. In a tweet thread on X, Justin Bons supports his stance on the stablecoin firm with statistics.
XRP re-listing on Robinhood could fuel double-digit price rally, push XRP to $0.66
Ripple (XRP) is back on the commission-free exchange Robinhood per the official website of the platform. Users can currently watch XRP price chart, the altcoin is yet to be listed for trading.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.