DOGE, SHIB Slide Following Better-Than-Expected Payrolls Report  – Market Updates Bitcoin News

Meme coins traded lower on Friday as markets reacted to the latest US nonfarm payrolls report. Data showed the US economy added 263,000 jobs in September versus 250,000 expected. Both Dogecoin and Shiba Inu fell for the third straight day.

Dogecoins (DOGE)

Dogecoin (DOGE) fell for a third straight session on Friday as markets reacted to the latest Non-Farm Employment (NFP) report.

DOGE/USD slipped to an intraday low of $0.06201 in today’s session less than 24 hours after hitting a high of $0.06511.

Today’s decline saw the token fall further below its $0.0640 resistance point and closer to a bottom of $0.0590.

Biggest Movers: DOGE, SHIB slide after better-than-expected payroll report
DOGE/USD – daily chart

Looking at the chart, today’s price drop comes as the 14-day Relative Strength Index (RSI) fell below its own floor.

Also Read :  U.S. Pawn Shop Market Is Booming Worldwide 2022-2028 | First Cash Financial Services Inc., EZCORP, INC., DFC Global Corp., Picasso Pawn, Buckeye Pawn Shop, Borro Private Finance

As of this writing, the index is trading at 50.63, which is slightly below its recent support point of 52.00.

The 10-day (red) moving average (MA) continues to hover above its 25-day (blue) counterpart, which remains a positive sign for bulls hoping for a rebound.

Shiba Inu (SHIB)

Shiba Inu (SHIB) was also on the third day of the recent declines, with the token nearing a key support point.

SHIB/USD slipped to lows of $0.000011 earlier in the day after hitting a high of $0.00001138 on Thursday.

This decline saw the meme coin move to its $0.00001080 bottom, which has mostly been set since September 18th.

Also Read :  Why stock-market investors fear 'something else will break' as Fed attacks inflation
Biggest Movers: DOGE, SHIB slide after better-than-expected payroll report
SHIB/USD – daily chart

Despite this recent sell-off, the Shiba Inu 10-day moving average was set for an upcross with the 25-day MA.

If that happens, we could potentially see SHIB move back towards a ceiling of $0.00001170.

As of this writing, the RSI is now hovering at 44.91, which is just above a 44.00 support point.

Register your email address here to receive weekly price analysis updates in your inbox:

Do you expect the token to continue falling this weekend? Let us know your thoughts in the comments.

Eliman Damell

Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.

photo credit: Shutterstock, Pixabay, WikiCommons

Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Leave a Reply

Your email address will not be published.