SHIB looks at $0.00013 as DOGE grabs 10th place

The second major support level (S2) at $0.0609 capped the downside.

After rising 4.22% on Sunday, Shiba Inu Coin (SHIB) stock fell 1.63% to end the day at $0.0001264.

Tracking the broader market, SHIB hit an early high at $0.00001,297 before dropping to a late-morning low of $0.00001222. However, after finding late support, SHIB stock rebounded to end the day at $0.0001264.

The first major support level (S1) at $0.0000123 caps the early downtrend.

There were no cipher events to give DOGE and SHIG directives. SHIB burn rates did not provide support as investors reacted with bearish sentiment in global stock markets.

With US markets closed for Labor Day, disappointing economic indicators from the Eurozone caught the attention of investors. Weak German statistics sent the DAX down 2.22%, while the Nasdaq 100 mini index also struggled on the day.

However, a bullish start to Tuesday’s session saw the Nasdaq 100 Mini Index rise as much as 124 points within the first hour to provide last hour (UTC) support for the top cryptocurrencies. The NASDAQ 100 Mini is up 79.5 points this morning.

While network news will need to be watched, US economic indicators will influence later today. The all-important ISM Non-Manufacturing PMI will provide guidance. Positive numbers are likely to test support for riskier assets as investors look to second-guess Fed policy moves in September.

Chiba Inu (Chip) price action

At the time of writing, SHIB stock is down 0.16% to $0.0001262.

A choppy morning saw SHIB reach an early high at $0.0001293 before dropping to $0.0001241.

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