Dogecoin and shiba inu fell by as much as 5% in today’s session, as markets reacted to the European Central Bank (ECB) rate hike. The bank moved to increase rates by 50 basis points, despite the recent banking crisis. As a result of this many now expect that the Federal Reserve will continue to increase rates also.
Dogecoin (DOGE) fell by over 5% on Thursday, as markets reacted to the latest interest rate decision from the ECB.
Many believe the Federal Reserve could take a similar approach, hiking rates despite the recent turmoil within the banking system.
Following a high of $0.07313, DOGE/USD raced to an intraday low of $0.06814 earlier in today’s session.
As a result of the decline, DOGE was once again trading below a key price floor at the $0.07000 mark.
The decline comes as bears snapped a five-day win streak on Wednesday, with some of this sentiment carrying over to today.
The catalyst for this appears to be a failed breakout of the ceiling at the 44.00 level on the 14-day relative strength index (RSI).
Shiba Inu (SHIB)
In addition to DOGE, shiba inu (SHIB) was also in the red in today’s session, with prices trading close to a key price floor.
SHIB/USD slipped to a low of $0.00001024 earlier in the day, which comes a day after hitting a high of $0.00001098.
Thursday’s drop in price has seen the meme coin close in on a long-term support point at the $0.00001020 mark.
However, a collision was averted, as the RSI bounced from a floor of its own, at the 38.00 zone.
As of writing, the index is tracking at 39.13, with an interim resistance at 41.00 a possible target.
Shiba inu has now marginally recovered from earlier lows, and as of writing, is trading at $0.00001049.
Register your email here to get weekly price analysis updates sent to your inbox:
Will the Federal Reserve increase rates? If so, by how much? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.