DOGE Eyes back to $0.0600 to target $0.0620, with SHIB on the way

Shiba inu Coin (SHIB) stock was down 3.05% on Wednesday. After falling 2.21% on Tuesday, Shipp stock closed the day at $0.0000986. Notably, SHIB ended the day below $0.000010 for the first time since July 12th.

Elon Musk’s Twitter Updates (TWTR) did not provide pricing support. Investors’ concerns about persistent inflationary pressures have affected appetite for riskier assets. September inflation figures for the Eurozone and the UK highlighted the potential need for prolonged tightening to bring inflation to target.

Fed rhetoric added to the bearish sentiment, as well-known FOMC dove Neil Kashkari spoke of persistent inflation and more upside amid tough labor market conditions. The group of comments suggested that the Fed might push interest rates higher and keep them high for a longer period.

The Nasdaq 100 is down 0.85%, with the Nasdaq 100 Mini down 56.75 points this morning.

Later in the day, US economic indicators and Federal Reserve speech will test investors’ appetite for riskier assets. Philly Fed Manufacturing and weekly unemployment claims will attract a lot of attention. Investors will also need to watch the Fed’s speech, as FOMC members Harker and Bowman will speak later today.

Dogecoin (DOGE) price action

At the time of writing, DOGE stock is up 1.63% to $0.05964. A mixed start to the day saw the DOGE drop to an early low of $0.05822 before climbing to a high of $0.06000.

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