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Based on the most recent price movement, Dogecoin has gained almost 2% in the past day after rising off support levels around $0.09. This increase coincides with a pattern of higher lows for DOGE, suggesting the potential formation of an uptrend. Additionally, the market dynamics have slightly changed in Dogecoin’s favor. If Bitcoin and other top cryptocurrencies maintain their comparatively neutral position on the market, increased social media activity and rekindled interest from retail traders could contribute to a price increase. The relative strength index (RSI) for Dogecoin is approximately 45, which indicates that it is neither overbought nor oversold, allowing for future growth without facing heavy selling pressure right away. A rally might be initiated if the price keeps rising and breaks above significant resistance levels – especially those around $0.12 to $0.13. The asset was once very volatile. SHIB has made several attempts to rise but has not been able to do so. It is currently trading at about $0.00001317. It is clear that the market is not expecting a breakout as long as the price is stuck below important moving averages, such as the 50, 100 and 200-day EMAs. Due to the extended period of in activity, SHIB’s volatility has greatly decreased, making it harder for traders and investors to anticipate any significant price movements absent a more significant shift on the market. The absence of broader market momentum is one of the main causes of SHIB’s stagnation. Without a notable increase in these assets, it appears doubtful that SHIB will recover on its own. Cryptocurrencies such as Bitcoin and Ethereum have also gone through periods of low volatility. SHIB’s position is further complicated by whale activity and a lack of liquidity, which increases its susceptibility to potential declines. Without a more extensive market upswing, SHIB’s future is still unclear. As the token struggles to gather the momentum it did during its previous bull runs, investors are beginning to doubt its long-term longevity. As things stand right now, SHIB is still unstable, and it might stay that way unless the market as a whole experiences a surge in interest in riskier assets.Concerns were raised that a breakdown could lead to a bigger sell-off when XRP dropped to lows slightly below $0.50. The token bounced off the rising trendline that has served as a support level for the majority of the current recovery phase, but it nevertheless held its ground.A break below this trendline would have allowed for additional declines, potentially pushing XRP into the $0.45 or lower range. However, the swift recovery averted a possible disaster. The 50, 100 and 200 EMAs are some of the major moving averages that XRP is currently trading below. These EMAs are acting as resistance levels that the price needs to break through in order to make a sustained upward move. XRP is currently trading around $0.53. It has not entirely vanished, though, and there may yet be room for recovery, as evidenced by the fact that it was able to hold above the rising trendline. Although the market is still unpredictable, XRP appears to have avoided a significant decline for the time being.This article was originally published on U.Today More
Save over 65%$99 for your first yearFT newspaper delivered Monday-Saturday, plus FT Digital Edition delivered to your device Monday-Saturday.What’s included Weekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysis More
Save over 65%$99 for your first yearFT newspaper delivered Monday-Saturday, plus FT Digital Edition delivered to your device Monday-Saturday.What’s included Weekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysis More
SINGAPORE (Reuters) – The dollar was steady in early trading on Tuesday, with the yen inching away from one-month highs as investors brace for U.S. inflation data and reassess expectations of a large interest rate cut from the Federal Reserve starting next week. A mixed labour report on Friday failed to make a clear-cut case on whether the Fed would deliver a regular 25 basis point (bps) rate cut or an outsized 50 bps one at its Sept. 17-18 policy meeting.Traders are now waiting on Wednesday’s U.S. consumer price index report for further policy clues although the Fed has made it clear employment has taken on a greater focus than inflation. The headline CPI is expected to have risen 0.2% on a month-on-month basis in August, according to a Reuters poll, unchanged from the previous month.As the non-farm payrolls numbers failed to convince for a 50 bps cut, markets are now looking to the U.S. inflation data to understand the pace of the Fed’s rate cuts, ING economists said. “It is clear that economic growth is losing momentum, and the markets now seem to be focused on whether the economy will end up with a soft or hard landing.”Investor focus will also be on the highly anticipated televised U.S. Presidential debate later on Tuesday that could weigh heavily on the November election.The dollar was up 0.1% at 143.30 yen, creeping away from the one-month low of 141.75 touched on Friday. Sterling last fetched $1.3061, having touched a near three-week low of $1.3058 earlier in the session.The dollar index, which measures the U.S. currency against six rivals, was at 101.69 after rising 0.4% on Monday. The index fell 0.5% last week as traders’ expectations for rate cuts shifted. Markets are currently fully pricing in a 25 bps cut next week, with a 50 bps cut priced in at 30%, down from as high as 50% on Friday, CME FedWatch tool showed. A weaker-than-expected report could bolster market expectations of a 50 bps cut, but a steady reading may leave the 25 bps versus 50 bps debate unresolved, according to Charu Chanana, head of currency strategy at Saxo. “Overall, the USD is expected to trade sideways to higher, as current Fed easing expectations still appear excessive.”For 2024, traders expect 110 bps of easing, up from around 100 bps from the remaining three meetings.Fed policymakers last week signalled they are ready to kick off a series of rate cuts, noting a cooling in the labour market that could turn more dire in the absence of a policy shift.”This makes it likely that the Fed will opt for a 25bps cut to avoid signalling panic, though they may keep the door open for more aggressive cuts later in the year,” said Saxo’s Chanana.Meanwhile, the euro was little changed at $1.10305 after dropping nearly 0.5% on Monday ahead of the European Central Bank policy meeting on Thursday where the central bank looks all but certain to cut rates again. The spotlight though will be on the messaging from the central bankers. In other currencies, the Australian dollar was 0.13% lower at $0.6652, having touched a more than three-week low of $0.66445. The New Zealand dollar fell 0.19% to $0.6133, staying close to the three-week low it touched on Monday. [AUD/] More
“There are concerns that it may turn into a systemic risk, as financial imbalances accumulate and soundness deteriorates should home prices undergo correction,” Lee Bok-hyun said at a meeting with local banks.South Korea has one of the world’s highest household debt-to-economy ratios, with more than 60% of loans tied to mortgages at local banks. More
The Westpac-Melbourne Institute index of consumer sentiment dipped 0.4% in September from August, when it bounced 2.8%. The index reading of 84.6 showed pessimists still far outnumbered optimists.”The pessimism that has dominated for over two years now is still showing no real signs of lifting,” said Westpac Senior Economist Matthew Hassan.”While cost-of-living pressures are becoming a little less intense and fears of further interest rate rises have eased, consumers are becoming more concerned about where the economy may be headed and what this could mean for jobs.”The Reserve Bank of Australia (RBA) is considered unlikely to raise rates again, though neither is it in any rush to cut. It has repeatedly said an easing this year was not on the cards.Wide-scale income tax cuts also came into effect in July, delivering some relief to household budgets.The survey’s measure of family finances compared to a year ago rose 1.2% in September, while finances for the next 12 months ticked up 0.2%.However, that was offset by a 2.6% drop in the index measuring the economic outlook for the next 12 months, while the outlook for the next five years fell 1.0%. Respondents were also more concerned about losing their jobs.Data out last week showed the economy barely grew in the June quarter, while annual growth was the slowest since the pandemic. In a sign tax cuts were not feeding through into spending, the survey’s “time to buy a major household item” index held at 82.6 in September, well below its long-run average of 124.2. More
TOKYO (Reuters) – Katsunobu Kato, Japan’s former health minister and a candidate running in the ruling party leadership race, on Tuesday called for compiling a stimulus package to fund spending to boost domestic investment and revitalise regional economies.”Japan is on the cusp of emerging from deflation. We shouldn’t stop this drive and instead accelerate it” with a focus on doubling household income and boosting capital expenditure, Kato said in a news conference announcing his intention to run in the Liberal Democratic Party’s (LDP) leadership race on Sept. 27. More
