DOGE Aims for $0.070 as Fed Fear Fades, as SHIB Advances

Following a breakout session on Tuesday, DOGE and SHIB are rising this morning. Adoption and the acquisition of Twitter remain tailwinds. On Tuesday, dogecoin (DOGE) gained 6.04 percent. DOGE concluded the day at $0.06306, reversing a drop of 1.53% from Monday. Notably, this is the first time since October 6 that DOGE has reached $0.064 per coin.

Due to a mixed start to the day, DOGE dropped to a low of $0.05916. DOGE rocketed to a late-afternoon high of $0.06430 despite avoiding the First Major Support Level (S1) at $0.0585. DOGE surpassed the Major Resistance Levels before sliding through the Third Major Resistance Level (R3) at $0.0642 and closing the day below $0.0540.

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On Tuesday, Shiba inu coin (SHIB) appreciated by 2.82%. SHIB concluded the day at $0.00001021 after reversing a Monday loss of 2.36% Notably, SHIB reached the level of $0.00001040 for the first time since October 18.

After a volatile morning, SHIB dropped to a low of $0.00000982 by midday. SHIB rebounded to a late-afternoon high despite avoiding the First Major Support Level (S1) at $0.00000979. SHIB surpassed the First Major Resistance Level (R1) and the Second Major Resistance Level (R2) at $0.00001014 and $0.00001034, respectively. However, a negative session close caused SHIB to plummet below R2 and close the day at $0.00001021 per share.

There were no network changes to affect, leaving the pair subject to the crypto market as a whole. The change in mood towards Fed monetary policy led to a bullish trading day. The breakout was precipitated by dwindling expectations for a 75-basis-point Fed rate hike in December. However, Twitter (TWTR) acquisition updates continue to pique attention.

This week, DOGE rose due to rumors that Twitter is building a crypto wallet. Cryptocurrency adoption remains an important factor for investors to consider. Investors also anticipate that Elon Musk will promote crypto usage if the transaction goes through.

Wednesday's strong start was bolstered this morning by a further improvement in market risk appetite.