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)
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.
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Will the Federal Reserve increase rates? If so, by how much? Let us know your thoughts in the comments.