The crypto market faltered following the US economic data release and the higher-than-expected JOLTS job openings data. Early to pump and faster to dump, memecoins were hit the hardest, with Dogecoin (DOGE) and Shiba Inu (SHIB) losing key price levels.
As the US economic data hit the markets, the crypto prices took a downturn. Among the top cryptocurrencies, memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) were hit the hardest. Meanwhile, a new AI altcoin, IntelMarkets (INTL), remained resilient amid the broader bearish trends.
Crypto prices today saw a downturn following the latest US economic data release. The JOLTS job openings data came in higher than expected, leading to a sell-off in the markets. Among the top cryptocurrencies, memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) were hit the hardest.
Dogecoin (DOGE) price dropped almost 10% on Tuesday, sliding from $0.39 to $0.34. If the bulls fail to hold the key support at $0.3, we could see a cascading sell-off toward $0.25. However, considering the Bull Bear Power and MACD Level, a bounce is underway. A retest of $0.4 is on the cards.
Meanwhile, several experts still expect a rally to $0.40, with $0.70 and $1.1 as their targets. ZackGold16 expects the memecoin to hit these levels this year. Also, MoneyyZayin expects Dogecoin (DOGE) to reach $5 by 2025. However, considering the limited upside potential, it might not be the best bet for substantial ROI this cycle.
On the other hand, Shiba Inu (SHIB) price also plunged alongside the broader crypto market on Tuesday. After retesting the $0.000021 support following a 10% downturn, further downsides are not out of the picture. However, key indicators like the MACD Level (12, 26) and 200-EMA hint at a bounce.
Among the top analysts, Abraham Naidoo expects the Shiba Inu price to delete a zero during this bull run, paying little heed to short-term price movements. Also, Nifty0x believes that Shiba Inu (SHIB) is on track to hit $0.000066. However, for higher ROIs, investors have been looking beyond Shiba Inu, considering it has exploded over 1,500,000% since debuting.
In contrast, new altcoins like IntelMarkets (INTL) are just kicking off their run, with plenty of room for growth. Also, being an AI crypto, it fits into a high-demand narrative in the markets.
