DOGE, SHIB decline on Thursday, as ECB rate hike sets table for Fed to do likewise.
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 fell by over 5% on Thursday, as markets reacted to the latest interest rate decision from the ECB.
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 catalyst for this appears to be a failed breakout of the ceiling at the 44.00 level on the 14-day relative strength index .In addition to DOGE, shiba inu was also in the red in today’s session, with prices trading close to a key price floor.
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.
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