Meme coins traded lower on Friday as the market reacted to the latest US nonfarm payrolls numbers. The data showed 263,000 jobs were added to the U.S. economy in September, beating expectations of 250,000. Both the Doji coin and the Shiba Inu fell for the third consecutive session.
Dogecoin (DOGE)
｜Shiba Inu (DOGE
Dogecoin (DOGE) fell for the third straight session on Friday as the market reacted to the latest nonfarm payrolls (NFP) report.
DOGE/USD fell to an intraday low of $0.06201 in today’s session, less than 24 hours after hitting a peak of $0.06511.
With today’s decline, the token continued its descent to a resistance point of $0.0640, approaching a floor of $0.0590.
The chart shows that today’s decline was caused by the 14-day relative strength index (RSI) falling below its lower limit.
As of this writing, the index is hovering at 50.63, just below the recent support point of 52.00.
The 10-day moving average (red) is hovering above the 25-day moving average (blue), a positive sign for bulls expecting a rebound.
Shibaura (SHIB)
Shibaura (SHIB) is also in the third day of its recent decline, with the token approaching a key support point.
After hitting a high of $0.00001138 on Thursday, SHIB/USD fell to a bottom of $0.000011 later in the day.
The drop moved the meme coin toward the $0.00001080 floor, where it has been nearly anchored since September 18.
Despite this recent sell-off, the SHIB’s 10-day moving average set up an upward cross with the 25-day MA.
If this takes place, we could potentially see the SHIB move back towards the $0.00001170 ceiling.
At the time of this writing, the RSI is at 44.91, just above the support point of 44.00.
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Image credits: Shutterstock, Pixabay, Wiki Commons
