Dogecoin and Shiba Inu fell as much as 5% in today’s session as the market reacted to the ECB’s rate hike. The bank moved to raise rates by 50 basis points despite the recent banking crisis. As a result, many expect the Federal Reserve to continue raising rates as well.
Dogecoin (DOGE)
Dogecoin (DOGE) fell more than 5% on Thursday as the market reacted to the ECB’s latest interest rate decision.
Many believe the Federal Reserve could take a similar approach and raise rates despite the recent turmoil within the banking system.
After a high of $0.07313, DOGE/USD ran up to an intraday low of $0.06814 earlier in the session today.
As a result of the decline, DOGE once again traded below the key price floor of $0.07000.
This drop was due to the bears snapping their 5-day winning streak on Wednesday, and some of this sentiment has carried over today.
The catalyst for this appears to be a failed breakout of the 44.00 level ceiling on the 14-day Relative Strength Index (RSI).
Shiba Inu (SHIB)
In addition to DOGE, SHIB (SHIB) is also in the red for today’s session, trading close to its critical price range.
SHIB/USD fell to a low of $0.00001024 a day after hitting a high of $0.00001098.
Thursday’s price drop brought the meme coin closer to a long-term support point at $0.00001020.
However, a collision was avoided as the RSI bounced off the floor of the 38.00 zone.
At the time of this writing, the index is hovering at 39.13, with intermediate resistance at 41.00 a possible target.
The Shiba Inu has now recovered slightly from its previous lows and is trading at $0.00001049 at the time of writing.
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