DOGE Bears Eye $0.0950 on Twitter Coin Rumors and the NASDAQ
- Dogecoin (DOGE) and shiba inu coin (SHIB) joined the NASDAQ Composite Index in the red, bucking a bullish broader crypto market session.
- Fed fear weighed on the NASDAQ, with uncertainty toward Twitter’s plans to integrate DOGE, leaving DOGE and SHIB on the back foot.
- However, the technical indicators remain bullish, signaling price support at the current levels.
On Tuesday, dogecoin (DOGE) fell by 1.18%. Following a 2.59% loss on Monday, DOGE ended the day at $0.1003. Notably, DOGE wrapped up the day at $0.10 for the third consecutive session.
A bullish start to the day saw DOGE rise to an early morning high of $0.1028. Coming up short of the First Major Resistance Level (R1) at $0.1092, DOGE slid to a late afternoon low of $0.0980. However, steering clear of the First Major Support Level (S1) at $0.0966, DOGE bounced back to end the day at $0.1003.
Shiba inu coin (SHIB) fell by 1.28% on Tuesday. Reversing a 0.53% gain from Monday, SHIB ended the day at $0.00000929.
Tracking DOGE, SHIB rose to an early morning high of $0.0000947. Coming up short of the First Major Resistance Level (R1) at $0.00000997, SHIB fell to a late low of $0.00000920. However, steering clear of the First Major Support Level (S1) at $0.00000904, SHIB revisited $0.00000932 before ending the day at sub-$0.00000930.
Twitter Uncertainty and the NASDAQ Leave DOGE and SHIB in the Red
This week, rumors of Twitter planning to launch a Twitter Coin hit the crypto news wires.
According to Global Trade Wars,
“The researcher names Jane Wong, who is famous for researching the codes on Twitter, shared what she found about Twitter Coin on her account. After that, Jane Wong’s account was suspended.”
While there has been speculation surrounding the suspension of Wong’s Twitter account, a Twitter Coin could remove the need to integrate DOGE or at least reduce DOGE adoption.
Significantly, the launch of Twitter Coin could also see Elon Musk end his long-lasting support of meme coins in favor of the platform’s own crypto. Such an outcome would leave DOGE and SHIB in the hands of the broader market and mainstream integration, which has slowed since the collapse of Terra and FTX.
Later today, US economic indicators will draw attention, leaving DOGE and SHIB in the hands of the NASDAQ and the broader crypto market. However, comments relating to Twitter Coin and DOGE integration plans would have more influence.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was down 0.20% to $0.1001. A mixed start to the day saw DOGE fall to an early low of $0.0998 before rising to a high of $0.1011.
DOGE needs to move through the $0.1004 pivot to target the First Major Resistance Level (R1) at $0.1027 and the Tuesday high of $0.1028. A return to $0.1020 would signal a bullish afternoon session. However, the NASDAQ Composite Index and Twitter updates need to be DOGE-friendly to support a breakout session.
In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.1052. The Third Major Resistance Level (R3) sits at $0.1100.
Failure to move through the pivot ($0.1004) would leave the First Major Support Level (S1) at $0.0979 in play. Barring an extended sell-off, DOGE should avoid sub-$0.0950. The Second Major Support Level (S2) at $0.0956 should limit the downside.
The Third Major Support Level (S3) sits at $0.0908.
The EMAs sent a bullish signal, with DOGE sitting at the 50-day EMA, currently at $0.1001. The 50-day EMA moved away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.
A breakout from the 50-day EMA ($0.1001) would support a move through R1 ($0.1027) to target R2 ($0.1052). However, a fall through the 50-day EMA ($0.1001) would bring S1 ($0.0979) and the 100-day EMA ($0.0970) into play.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was up 0.43% to $0.00000933. A bullish start to the day saw SHIB rise from an early low of $0.00000930 to a high of $0.00000936.
SHIB needs to avoid a fall through the $0.00000932 pivot to target the First Major Resistance Level (R1) at $0.00000944 and Tuesday’s high of $0.00000947. A return to $0.00000940 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and the NASDAQ Index.
In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000959. The Third Major Resistance Level (R3) sits at $0.00000986.
A fall through the pivot would bring the First Major Support Level (S1) at $0.00000917 into play. Barring an extended sell-off, SHIB should avoid sub-$0.00000910 and the Second Major Support Level (S2) at $0.00000905. The Third Major Support Level (S3) sits at $0.00000878.
The EMAs send a more bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00000932. This morning, the 50-day EMA converged on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The signals were bullish.
A hold above the 100-day EMA ($0.00000932) would support a breakout from R1 ($0.00000944) to target R2 ($0.00000959) and the 200-day EMA ($0.00000961). However, a fall through the 100-day EMA ($0.00000932) and the 50-day EMA ($0.00000930) would bring S1 ($0.00000917) into view. A fall through the 50-day EMA would signal an extended sell-off.