Meme tokens increased at the beginning of the week due to risk sentiment
Dogecoin cleared a resistance at $0.072, but is now crashing below
Projected Fed Action and Profit-Taking Could Be Behind Latest Drop
Meme currencies started the week on a high note as risk sentiment gripped markets. That saw Dogecoin DOGE/USD touch $0.0913 for the first time since May. The token had successfully overcome the resistance of $0.072 and turned it into support.
The gains in DOGE underscore investors' interest in risky assets at the slightest of the positive reports. A week ago, data showed a cooling of inflation figures, which boosted most cryptocurrencies. That could have attracted buyers of meme tokens. DOGE and SHIB became the top winners at the start of the week.
Nonetheless, a Fed report this week spooked markets as officials pointed to more rate hikes. The developments could have brought caution, along with profit-taking, forcing a sell-off at DOGE. The token now faces a further fall if the bulls fail to stop the bearish momentum.
Source – TradingView
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