SHIB and DOGE Succumb to Hawkish Fed ad U.S Economic Indicators

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  • DOGE and SHIB printed another red for a 2nd consecutive session.
  • Investor sentiment following recent U.S economic indicators and the Federal triggered downsides in the meme coins.
  • Though the declines, technical indicators flash bullishness, maintaining Dogecoin’s 10th ranking and SHIB’s upside targets to take the 11th position.

Shiba Inu and Dogecoin remain under downside pressure amid a 2nd bearish session. Failure to overcome pivots would welcome more losses.

Thursday saw Dogecoin losing 6.85% to stretch Wednesday’s 7.55% slide to close the day near $0.07473. SHIB joined Dogecoin in the red, losing 8.8% to $0.00001348. SHIB lost 6.51% on Wednesday. Meanwhile, range-bound early yesterday saw SHIB hitting $0.00001499 before plummeting to $0.00001319.

The reversal has the token losing the first reliable support at $0.0000140 and slightly beneath the second massive support mark at $0.0000133. Also, Dogecoin saw similar tendencies.

Dogecoin climbed to early afternoon peaks of $0.08229 before plunging to $0.07320 last hour low. DOGE lost the first support of $0.0767. Meanwhile, the original meme coin secured support at $0.0732 to end the day near $0.07473.

Market Forces Slump SHIB and DOGE

U.S economic data and FOMC minutes saw the meme assets and the overall crypto marketplace deteriorating. The latest positive economic indications eased recession possibilities as inflation remained elevated. Nevertheless, the data also back another 75bp hike during the September meeting.

FOMC chatter confirmed this, with official James Bullard supporting a 75bp hike. Also, Mary Daly said she favored a 50bp or 75bp move. Substantially, both focused on rising & hold strategy, not reversing courses. The NASDAQ 100 closed Thursday with a 0.21% upswing regardless of the hawkish chatter.

SHIB Price Action

SHIB traded at $0.00001335 during this writing, dropping 0.96%. The alt should move past the pivot at $0.0000139 to open the path towards the resistance at $0.0000149. Failure would attract dips towards the support at $0.0000128. Another foothold would appear at$0.0000121.

DOGE Price Action

DOGE traded at $0.07425 during this publication, losing more than 0.65%. The original meme coin should surpass the pivot at $0.0767 to test the initial crucial resistance at $0.0803.

Nonetheless, that can open the path towards the hurdle at $0.0858 before hitting $0.090. Meanwhile, downsides will hit the initial support at $0.712. Another footing stands at $0.0677.


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