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Initial DOGE Price Pressure Exists While Bulls Target a Return to $0.10

Daniel Rogers

Oct 28, 2022 15:21

截屏2022-10-28 下午3.22.41.png 

 

Dogecoin (DOGE) enjoyed another breakout day on Thursday, while shiba inu coin (SHIB) joined the broader cryptocurrency market in the red. Updates on Elon Musk's takeover of Twitter (TWTR) provided support for DOGE. The technical signs are optimistic, and investors in DOGE are anticipating a recovery to $0.10.

 

On Thursday, the price of dogecoin (DOGE) increased by 5.82%. Following a 15.22% increase on Wednesday, the closing price of DOGE was $0.07688. Notably, this is the first time since August 17 that DOGE has reached $0.085 per coin.

 

DOGE dropped to an early low of $0.07176 due to a mixed start to the day. DOGE rose to a late-day high of $0.08554 after avoiding the First Major Support Level (S1) at $0.0656. DOGE surpassed the First Major Resistance Level (R1) at $0.0767 and the Second Major Resistance Level (R2) at $0.0807 before closing below $0.080 for the day.

 

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 as low as 0 pips and a commission rate of $3.50 per 100,000 USD 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) dropped 1.39 percent on Thursday. SHIB closed the day at $0.000001064, partially reversing Wednesday's gain of 5.68%.

 

SHIB reached a mid-morning high of $0.00001185 after a strong start to the day. SHIB surpassed the First Major Resistance Level (R1) and the Second Major Resistance Level (R2) at $0.00001106 and $0.00001132, respectively. Nonetheless, a prolonged sell-off caused SHIB to drop to a late low of $0.00000057. SHIB avoided the First Major Support Level at $0.00001036 despite the reversal.

 

US economic indices and business earnings contributed to a negative cryptocurrency trading session, leaving SHIB in the red. However, Twitter (TWTR) acquisition-related market news releases continued to bolster the DOGE price.

 

Elon Musk reportedly took control of Twitter on Thursday, with CEO Parag Agrawal and CFO Neal Segal reportedly quitting the company.

 

Elon Musk's Twitter ambitions must be crypto-friendly in order to enable DOGE's ongoing ascent. We anticipate that any mention of DOGE as a payment method by Musk will signify a DOGE advance toward $0.10.


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