Dogecoin and Shiba Inu fell as much as 5% in today’s session as markets reacted to the European Central Bank (ECB) rate hike. The bank moved to raise rates by 50 basis points, despite the recent banking crisis. As a result of this, many now expect the Federal Reserve to continue raising rates as well.
Dogecoin (DOGE)
Dogecoin (DOGE) fell more than 5% on Thursday as markets reacted to the latest ECB interest rate decision.
Many believe the Federal Reserve could take a similar approach, raising rates despite recent turmoil within the banking system.
Following a high of $0.07313, DOGE/USD ran to an intraday low of $0.06814 earlier in today’s session.
As a result of the decline, DOGE once again traded below a key price floor at the $0.07000 mark.
The decline comes as the bears snapped a five-day winning streak on Wednesday, and some of this sentiment carries over to this day.
The catalyst for this appears to be a failed break of the top at the 44.00 level on the 14-day RSI.
Shiba Inu (SHIB)
In addition to DOGE, shiba inu (SHIB) was also in the red in today’s session, with prices trading near a key price low.
SHIB/USD fell to a low of $0.00001024 earlier in the day, coming a day after hitting a high of $0.00001098.
Thursday’s price decline has seen the meme coin approach a long-term support point at the $0.00001020 mark.
However, a collision was avoided as the RSI bounced off a bottom of its own at the 38.00 area.
At time of writing, the index stands at 39.13, with intermediate resistance at 41.00 as a possible target.
Shiba inu has now marginally rebounded from previous lows and is trading at $0.00001049 at time of writing.
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Will the Federal Reserve raise rates? If so, for how much? Let us know your thoughts in the comments.
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