Shiba Inu Coin Price Dips Along Bitcoin As US CPI Data Comes In Hot
Shiba Inu Coin price has dropped by 1.3% in the last hour to $0.0000094 during US business hours on Tuesday. Bitcoin price is also experiencing a slight decline, trading below $49,200 after the release of the Consumer Price Index (CPI) data in the US.
Shiba Inu Coin Price, Bitcoin Tumble As CPI Increases
The latest data from the Labor Department reveals an increase in inflation that surpassed expectations. The CPI, which measures the prices consumers pay for goods and services, rose by 0.3% in January, with high shelter prices standing out. However, on a yearly basis, the CPI fell to 3.1% from December’s 3.4%. Market watchers had anticipated a monthly surge of 0.2% and an annual rise of 2.9%.
The Core CPI, which excludes food and energy prices, saw a 0.4% increase in January and matched December’s 3.9% annual increase, surpassing expectations.
Crypto Prices Dip Due to Disappointing CPI Report
Many people who were hoping that the CPI report would show a slowdown in inflation are disappointed. This disappointment could explain the sudden drop in crypto prices, particularly Bitcoin falling below $49,000.
Fed Rate Cuts Unlikely After Hot CPI Data
The hot CPI data further diminishes expectations of rate cuts by the Federal Reserve in the near future. The Fed will need more time to plan for potential rate cuts that may start in July.
Potential Recovery for Crypto Amidst Hype and Interest
Despite the current dip, the upcoming Bitcoin halving and growing interest in the spot ETF arena could help crypto weather the storm and facilitate immediate recoveries.
Shiba Inu Coin Price Prediction: Buying Opportunity?
Shiba Inu Coin has experienced a dip to $0.0000094 after reaching $0.0000097 earlier. The Relative Strength Index (RSI) supports this correction as it falls below the midline in the neutral region.
The confluence of the 200-day Exponential Moving Average (EMA) and the 50-day EMA at $0.0000093 serves as immediate support for SHIB. If it holds and the meme coin begins to rebound, traders may consider buying the dip in anticipation of a potential push past $0.00001.
However, Shiba Inu Coin is not completely out of danger, as losing the confluence support could trigger another dip to $0.000009 and potentially even further to $0.000008.
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