Meme coins were trading lower on Friday, as markets reacted to the latest U.S. nonfarm payrolls report. The data showed that 263,000 jobs were added to the United States economy in September, versus the 250,000 expected. Both dogecoin and shiba inu fell for a third consecutive session.
Dogecoin (DOGE)
Dogecoin (DOGE) fell for a third consecutive session on Friday, as markets reacted to the latest nonfarm payrolls (NFP) report.
DOGE/USD slipped to an intraday low of $0.06201 in today’s session less than 24 hours after hitting a peak of $0.06511.
Today’s decline saw the token continue to fall below its resistance point of $0.0640, moving closer to a floor of $0.0590.
Looking at the chart, today’s drop in price comes as the 14-day relative strength index (RSI) fell below a floor of its own.
As of writing, the index is tracking at 50.63, which is marginally 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 hopeful of a rebound.
Shiba Inu (SHIB)
Shiba Inu (SHIB) was also on day three of recent declines, with the token moving closer to a key support point.
Following a high of $0.00001138 on Thursday, SHIB/USD slipped to a bottom of $0.000011 earlier in the day.
This drop saw the meme coin move towards its floor of $0.00001080, which has mostly been in place since September 18.
Despite this recent sell-off, the 10-day moving average on shiba inu was set for an upwards cross with the 25-day MA.
Should this take place, we could potentially see SHIB move back towards a ceiling of $0.00001170.
As of writing, the RSI is now tracking at 44.91, which is just above a support point of 44.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect the token to continue to fall this weekend? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com 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.
Read disclaimer