DOGE Bears Target a Return to Sub-$0.0700 on FTX Contagion
Shiba inu coin (SHIB) fell by 3.83% on Sunday. Reversing a 0.44% gain from Saturday, SHIB ended the week down 2.55% to $0.00000878.
Tracking the broader market, SHIB rose to an early morning high of $0.00000922. Coming up short of the First Major Resistance Level (R1) at $0.00000926, SHIB slid to a late low of $0.00000866. SHIB fell through the First Major Support Level (S1) at $0.00000897 and the Second Major Support Level (S2) at $0.00000881 to end the day at sub-$0.00000880.
Network and Twitter news updates provided little price support, with contagion fear hitting investor sentiment.
FTX news updates reignited contagion fear following reports of FTX owing its top 50 creditors close to $3.1 billion. Alarmingly FTX owes $1.45 billion to the top ten creditors. The numbers raised the chances of more FTX-fueled bankruptcies.
DOGE saw sizeable losses, with uncertainty over Twitter and its crypto integration plans weighing.
“BREAKING: A massive partnership between SHIB and Amazon is being worked on. It could happen as soon as December 1 if negotiations continue to go well.”
Shiba Inu News added,
“We’ll have more on the story soon. We were FIRST to break when Robinhood (HOOD) was listing SHIB.”
In a second tweet, Shiba Inu News said,
“MORE UPDATES: Our insider at Amazon is on their leadership team. They’ve been meeting internally since Q4 began. Oftentimes, crypto is a big topic of discussion. They’ve been impressed with the growth of SHIB and the total holders worldwide. Expect a partnership in Q1 2023.”
For today, barring news of Twitter resuming its crypto integration plans, FTX contagion will remain the focal point. The weekend news of FTX’s exposure to creditors will likely leave investors anxious until the identities of the creditors are available.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was down 2.21% to $0.0752. A bearish start to the day saw DOGE fall from an early high of $0.0771 to a low of $0.0735.
The First Major Support Level (S1) at $0.0736 limited the downside.