SHIB and DOGE Witness Red as Investors React to EU Vote

Thursday sessions saw bearish actions as the EU Parliamentary vote demands KYC for cryptocurrency wallets, leaving Shiba Inu, Dogecoin, and the broad market bleeding.

  • Shiba Inu and Dogecoin saw bearish moves on Thursday.
  • The EU Parliamentary vote about KYC Necessities for cryptocurrency wallets ruined investor sentiment.
  • Vital technical indicators sustain bullishness, with SHIB and DOGE staying beyond their 100-day Exponential Moving Averages.

The leading meme tokens, Dogecoin and Shiba Inu witnessed bearish moves on Thursday. Negative sentiment in the overall cryptocurrency markets driven by the EU Parliamentary decision on KYC regulation triggered reversals of the accrued gains.

Dogecoin declined by 3.43% on Thursday, extending Wednesday’s 0.97% drop to close the day around $0.1381. Shiba Inu reversed its 0.33% gain, losing 5.69% to conclude the day near the $0.00002586 mark.

Elsewhere, Solana and Avalanche gained 1.82% and 2.15%, respectively. The rest of the large-cap altcoins noted bearish reactions on Thursday. Cardano (-4.03%) and Ripple (-5.32%) saw bloodshed, with Ethereum (-3.06%) and Terra (-3.18) also battling lows.

News Updates Ruin Market Sentiment

The 2nd half of Thursday saw market players reacting to a European Union vote favoring KYC rules for private cryptocurrency wallets, weighing on market sentiment. Transactions worth over 1,000 euros will face KYC regulations.

Dogecoin Price Action

While publishing this content, DOGE traded 0.43% up to $0.1387. Bullishness early on the day had the original meme token rising to $0.1395. DOGE should overcome the day’s pivot of $0.1407 to move towards the initial massive resistance at $0.1452. Nevertheless, broad cryptocurrency market support is critical for surges past $0.1400.

Extended rallies would explore the resistance near $0.15 and the 2nd resistance zone at $0.1524. The 3rd resistance stands at $0.1641.

Failure to climb past the pivot would see Dogecoin testing the initial support area at $0.1335. the 2nd support sits near $0.1290.

Shiba Inu Price Action

SHIB traded 0.62% up at $0.00002602 at this writing. Optimistic actions early on the day had it climbing to the $0.00002622 peak. Shiba Inu should move through $0.0000265 day’s pivot for a run towards the first resistance at $0.0000275. Improved sentiments remain vital to overcoming the $0.000027 zone.

Stretched rallies would see SHIB testing the second massive resistance at $0.0000291, then the $0.000030 hurdle. The 3rd hurdle will appear at $0.0000316.

Failure to climb beyond the pivot would see Shiba Inu at the initial support at $0.0000249. Excluding extended sell-offs, SHIB should avoid $0.000024. SHIB’s second massive support stands at $0.0000239.

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