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DOGE Eyes Return to $0.0600 to Target $0.0620, with SHIB on the Move
This morning, DOGE and SHIB get much-needed help. However, US statistics and Fed chitchat will determine the course for the remainder of the day.
Dogecoin's (DOGE) price dropped by 1.81% on Wednesday. Tuesday saw a loss of 0.36% for DOGE, which closed the day at $0.05869.
Following a range-bound morning, DOGE increased to a high of $0.06078 in the late afternoon.
However, DOGE declined to a late low of $0.05821 after failing to surpass the First Major Resistance Level (R1) at $0.0611. At $0.0585, DOGE found support at the First Major Support Level (S1), closing the day at $0.05869.
On Wednesday, Shiba Inu Coin (SHIB) fell 3.05%. Tuesday saw SHIB lose 2.21% of its value, closing the day at $0.00000986. For the first time since July 12, SHIB finished the day below $0.000010, which is noteworthy.
Elon Musk's tweets on Twitter (TWTR) didn't help the price. Investor trepidation due to ongoing inflationary pressures affected their desire for riskier investments. The September inflation data for the Eurozone and the UK demonstrated the likelihood that sustained policy tightening would be required to achieve target inflation.
Neel Kashkari, a well-known FOMC dove, spoke of sustained inflation and more upside under tight labor market circumstances, adding to the pessimistic rhetoric that already existed. The combination of remarks implied that the Fed may raise rates and maintain them there for a longer period of time.
With the NASDAQ 100 Mini down 56.75 points this morning, the NASDAQ 100 plummeted by 0.85%.
The appetite of investors for risky assets will be tested later today by US economic statistics and Fed chitchat. There will be a lot of interest in Philly Fed Manufacturing and weekly unemployment claims.
Due to today's statements by FOMC members Harker and Bowman, investors must also keep an eye on Fed chitchat.
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