July 12, 2024


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.

Biggest Movers: DOGE, SHIB Slide Following Better-Than-Expected Payrolls Report
DOGE/USD – Daily Chart

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.

Biggest Movers: DOGE, SHIB Slide Following Better-Than-Expected Payrolls Report
SHIB/USD – Daily Chart

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.

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

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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