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) 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…