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Shiba Inu saw a drop alongside other major cryptocurrencies as investors reacted ahead of the release of the delayed January jobs report.
Shiba Inu extended its drop into the fifth day from a high of $0.00000642 on Feb. 7, with its daily RSI weakening further.
At the time of writing, SHIB was down 1.91% in the last 24 hours to $0.00000585 and down 12.25% weekly. Amid the drop, Shiba Inu's daily RSI is nearing oversold levels below 30, currently at 32.
A drop below 30 might confirm oversold levels, which might precede a price reversal; however, Shiba Inu's recovery might be dependent on broader market sentiment.
The Crypto Fear and Greed Index currently sits at 9, indicating "extreme fear" on the market. This suggests that traders might be taking caution amid a prolonged sell-off on the market, which saw many crypto assets plunge to multimonth lows.
Potential scenarios for SHIB price
The previously delayed nonfarm payrolls report for January was released on Wednesday.
Job growth was stronger than expected to start 2026, providing some relief to concerns about the state of the labor market.
Nonfarm payrolls increased by 130,000 for January, above the estimated 55,000, according to Bureau of Labor Statistics report. Markets rose following the news, with stock market futures ticking higher.
The impact will be watched on the crypto market. If a reversal occurs and the market rebounds, Shiba Inu might aim for $0.000006.
On the other hand, Shiba Inu might continue to trade sideways between $0.000005 and $0.000006 if the current uncertainty continues, with support expected at $0.000005.
New shift emerges on crypto market
Galaxy CEO Mike Novogratz suggests that the recent crypto sell-off might be a reflection of a larger industry shift.
In a CNBC interview, Novogratz stated that crypto’s "age of speculation," in which investors expected outsized returns, may be ending as more risk-averse players enter the sector.
"It’s going to be real world assets with much lower returns," Novogratz said, highlighting a market shift.
Dan Burgin
U.Today Editorial Team