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Markets are recovering from yesterday’s rate hike, with room for memetokens
Despite the negative views we’ve seen in the cryptocurrency market over the past few days, the assets we discussed in our latest article report Avoiding a market crash gives investors some time before the crash.
After explosive growth, Dogecoin reached the expected consolidation apex and memecoin price did not move in either direction. Since October 29, the asset’s price has remained unchanged compared to the pace seen earlier.
With the asset’s volatility dropping and prices moving sideways, DOGE is forming a new pattern that could be the much-needed cooldown ahead of it. An ascending channel is not what you would normally see after a volatile price spike.
However, Dogecoin’s declining volatility is a positive factor that makes investors hope for a possible continuation of the rally in the predictable future. However, the price performance we see today invalidates the formations mentioned in previous market reviews.
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From a fundamental point of view, dogecoin Investors are most likely waiting for the announcement of the implementation of DOGE as a payment method on Twitter in view of the acquisition of Elon Musk.
However, Musk has neither confirmed nor denied using Dogecoin as a payment method for account verification on Twitter. It will most likely return to what it has been doing for over two years of moving sideways with very low volatility until it gives hope.
As Dogecoin enters consolidation, Shiba Inu Still struggling in the market, unable to find a suitable path as it remains stuck in the corridor between the 200 and 50-day moving averages. However, the presence of buy support is a factor that cannot be ignored and should not be ignored.
The fact that tokens move down the corridor shows that investors have yet to decide how the cryptocurrency market will change. Given the Shiba Inu’s correlation with the market, large cap movements are most likely to be the main driver of the SHIB’s rise in volatility.
Declining trading volume is another factor to consider. As traders leave the market, the correlation between Shiv and large-cap stocks will increase significantly as market makers become the only group of traders to move the Shiba Inu.
The continuation of this trend is questionable as the most recent rate hikes have not been positive for risk assets such as Meatken and Shiba Inu. Memetic assets remain the most volatile part of the cryptocurrency market, which is why investors are likely to avoid taking unnecessary risks shortly after the Fed signaled its intention to continue restricting monetary policy. .
