Dogecoin price has eased after recouping some of Wednesday’s losses. The recent price movements are a reaction to the Fed’s hawkish tone in the interest rate decision released on Wednesday. The central bank will reduce its asset purchases by $30 billion monthly with the intent of winding them own in the initial months of the coming year. its current pace is a withdrawal of $15 billion monthly.
A hawkish tone from the Fed is usually bearish for cryptocurrencies and other riskier assets. However, the market had already priced in the move. Bitcoin, which often sets the trend for altcoin, inched higher after Wednesday’s decline. Nonetheless, it lacked enough momentum to reach the psychologically crucial level of $50,000.
Dogecoin price has eased after bouncing off Wednesday’s low. Earlier in the week, the altcoin momentarily rose to the month’s high at 0.2280 before pulling back. At the time of writing, it was down by 0.83% at 0.1796.
On a four-hour chart, Dogecoin price is trading slightly above the 25 and 50-day exponential moving averages. In the short term, the range between the support zone of 0.1602 and the resistance level of 0.1926 will be one to look out for.
A move above the horizontal channel’s upper border will likely have the bulls face resistance along 0.2000. On the flip side, a decline past the range’s lower level will have 0.1500 as a feasible support zone.
This post was last modified on Dec 16, 2021, 06:50 GMT 06:50