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Dogecoin's (DOGE) price dropped by 1.53% on Monday. DOGE finished the day at $0.05947, reversing a 1.13% gain from the previous day.

With the day off to a bullish start, DOGE reached an early high of $0.06094. DOGE surpassed the First Major Resistance Level (R1) at $0.0607 before tumbling to a low of $0.05868 in the early afternoon. Prior to closing the day at $0.05947, DOGE breached both the First Major Support Level (S1) at $0.0599 and the Second Major Support Level (S2) at $0.0593.

Shiba inu coin (SHIB) decreased by 2.36 percent. SHIB finished the day at $0.00000993, reversing a loss of 1.60% from the previous day. For the first time in four sessions, SHIB closed the day at less than $0.000010, which is noteworthy.

Following the market as a whole, SHIB increased to a morning high of $0.00001020. SHIB declined to a low point in the early afternoon of $0.00000985 after falling short of the First Major Resistance Level (R1) at $0.00001029. At $0.00000995, SHIB breached the First Major Support Level (S1) before closing the day at $0.00000993.

On Monday, there were no network updates to provide DOGE and SHIB guidance. Because there were no network updates, the larger crypto market decided what would happen to DOGE and SHIB.

Riskier assets were punished by the market as a result of Xi Jinping being elected to a third term as president and having a cabinet full of supporters. The immediate worries continue to include Xi's backing of Vladimir Putin, China's stance on Taiwan, and its zero-tolerance approach to COVID-19.

The US and EU private sector PMIs contributed to the pessimistic mood. The Eurozone Composite PMI decreased to 47.1, a 23-month low. The US services PMI dropped significantly from 49.3 to a two-month low of 46.6, increasing the risk of a US recession.

Early support was provided this morning by a rise in market risk appetite as the pair sought to recover from Monday's losses. The markets will continue to focus on geopolitics and US economic statistics as they get ready for the next round of central bank monetary policy announcements.

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