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DOGE and SHIB are under pressure following the SEC's victory over LBRY

Alina Haynes

Nov 08, 2022 16:24

截屏2022-11-08 下午4.07.19.png 

 

Monday was a bearish session, with dogecoin (DOGE) falling for the fifth time in six sessions. The Twitter (TWTR) suspension on the development of the crypto wallet continued to weigh on DOGE as the number of holders moved in the opposite direction. However, technical indications remained optimistic, requiring a rebound to $0.15 for DOGE investors to retarget $0.20.

 

Dogecoin (DOGE) declined 3.07% on Monday. After a 7.79% decline on Sunday, DOGE closed the day at $0.1112. Notably, DOGE avoided falling below $0.10 for the tenth consecutive session while the losing streak extended to three sessions.

 

DOGE reached a morning high of $0.1190 after a bullish start to the trading day. DOGE fell to a late low of $0.1070, falling short of the First Major Resistance Level (R1) at $0.1243 in the process. DOGE temporarily dropped below the First Major Support Level (S1) at $0.1085 before closing at $0.1112.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

Shiba inu coin (SHIB) fell 0.34 percent on Monday. Following a 4.98% decline on Sunday, SHIB closed the trading day at $0.00001180.

 

SHIB rebounded from a bearish morning to reach a late-day high of $0.00001211. SHIB fell to a late low of $0.00001150, failing to surpass the First Major Resistance Level (R1) at $0.00001258. SHIB finished the trading session at $0.00001180, avoiding the First Major Support Level (S1) at $0.00001143.

 

DOGE and SHIB were negatively impacted by the overall crypto market's gloomy attitude. Investor apprehension in advance of this week's US data hampered buying appetite. Direction will be provided by US economic indicators, especially the US CPI report for October, retail sales, and consumer confidence.

 

Monday's losses occurred despite a strong session for the NASDAQ Composite Index. The NASDAQ was bolstered by the market's anticipation of the US midterm elections.

 

For DOGE and SHIB investors, Twitter (TWTR) and Elon Musk news remained the primary focus.

 

The unfavorable market reaction to Twitter's decision to halt development of a crypto wallet continues to impact on DOGE buyer interest.

 

Negative reports about advertisers jumping ship remained DOGE. A decline in advertising revenue increases the likelihood of dramatic declines in revenue streams, which could damper the optimistic outlook for DOGE adoption.

 

The current DOGE holding statistics showed the shift in attitude, which supported the price reversal from $0.1587 last week.


While Twitter and Elon Musk news continue to be important drivers, this morning's SEC victory over LBRY put DOGE and SHIB into the red.


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