Dogecoin (DOGE) Consolidates After Facing Resistance At $0.4 Region, Lunex Network (LNEX) Edges Closer To $3M

The cryptocurrency market is currently in consolidation after a massive uptrend last week. Dogecoin (DOGE) is currently ranging and looks set to break

Dogecoin (DOGE) price analysis shows consolidation after facing resistance at the $0.4 region. The meme coin has been consolidating between the $0.35 and $0.425 levels in the past six days. However, DOGE price reached the upper resistance level twice but failed to break past it.

On the other hand, Lunex Network (LNEX) is quickly being embraced within the DeFi market as it moves through its presale stage. At the time of writing, $LNEX tokens are trading at $0.0026, and the project has managed to amass $2.9 million from both retail and institutional investors.

Rising Commodity Prices Impacting Inflationary Pressures In The United States

The prices of various commodities, such as oil, natural gas, wheat, corn, soybeans, copper, aluminum, and nickel, have been surging in recent months. This surge is primarily driven by the reopening of economies following the COVID-19 pandemic and the war in Ukraine, both of which have disrupted supply chains and increased demand for commodities.

The rising commodity prices are having a significant impact on inflation in the United States. The Consumer Price Index (CPI), a measure of inflation, rose by 7.9% in February year-over-year, reaching its highest level since January 1982. Core CPI, which excludes volatile food and energy prices, also increased by 6.4%, the highest since August 1982.

Commodity prices are a key factor in determining the cost of production for many businesses, and rising commodity prices can lead to higher input costs for companies. To offset these increased costs, some businesses may choose to raise their prices, which can contribute to inflationary pressures.

The Federal Reserve is closely monitoring inflation and has begun raising interest rates in an effort to bring it under control. However, the Fed is also attempting to achieve a "soft landing" for the economy, which means slowing the pace of growth without triggering a recession.

Rising commodity prices are presenting a challenge for the Fed in achieving this goal. If commodity prices continue to rise rapidly, it could put upward pressure on inflation and make it more difficult for the Fed to achieve its target of 2% inflation.

However, the Fed has limited tools to directly influence commodity prices, which are largely determined by market forces. The central bank can indirectly impact commodity prices through its monetary policy decisions, but it is not able to directly control them.

Overall, the rising commodity prices are a complex issue that is impacting inflation and the U.S. economy. The Federal Reserve is closely monitoring the situation and will likely adjust its monetary policy as needed in response to unfolding economic data.