Shiba Inu (SHIB) surges on positive inflation report, shows one of best reactions on the crypto market
As AZCoin News reported, with the release of U.S. inflation data, the Bitcoin price surged to an intraday high of $24,010 on the Bitstamp exchange at 12:48 a.m. This is positively assessed by crypto market participants and Shiba Inu (SHIB) also saw a sharp rise in its quotations.
SHIB/USD 4-hour chart | Source: TradingView
Shiba Inu (SHIB) Reacts Most to Positive Inflation Report with Immediate Spike
At the same time, SHIB’s price growth exceeded the growth of its competitors in the sector, which can now be considered Dogecoin (DOGE) and BabyDoge (BabyDoge). Both of these coins were outpaced by SHIB by about 1%, which has seen a total growth of 4% since CPI publication.
Thus, SHIB adds another green candle to the chart, which fits perfectly into the uptrend that the coin has been in since late July. It seems that SHIB is moving purposefully toward the important price level of $0.000014. After crossing it, SHIB quotations can go up to $0.00002, a level not seen since May of this year. Nevertheless, whether it happens or not will depend on news like today’s inflation report and the overall market sentiment around it.
Inflation in the U.S. fell for the first time in four months. After a record 9.1%, it fell to 8.5%, below analysts’ expectations by 0.2%. The main reason for predicting a decline in inflation was a significant drop in gasoline prices in July. Nevertheless, it is logical to keep in mind the thesis that nothing is over yet. So far, there is no reason to believe that the downward trend in inflation is sustainable. Oil prices are rising, and there is a lot of unpleasant stuff going on in the world right now. Rates will continue to rise, and liquidity will be removed from the market.
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