DOGE Eyes $0.060 to Target $0.0620, with SHIB also on the Rise
DOGE fell through the First Major Support Level (S1) at $0.05950 and the Second Major Support Level (S2) at $0.0584 before a partial recovery to $0.05929.
Shiba Inu Coin (SHIB) fell by 2.06% on Sunday. Following a 1.24% loss on Saturday, SHIB ended the week down by 0.64% to $0.00001095.
A choppy morning saw SHIB rise to a mid-high of $0.00001122. However, coming up short of the First Major Resistance Level (R1) at $0.0000114, SHIB slid to a late morning low of $0.00001077. SHIB fell through the First Major Support Level (S1) at $0.0000110 and the Second Major Support Level (S2) at $0.0000109.
However, finding early afternoon support, SHIB struck a high of $0.00001120 before sliding back through S1 and briefly through S2.
Having bucked the broader market trend on Friday, DOGE and SHIB succumbed to market forces over the weekend. Friday’s US inflation figures refueled Fed fear, sending the crypto market into the red for the third consecutive session.
SHIB news delivered the pair support on Friday before the Saturday reversal. On Friday, news hit the wires of US furniture store Rooms To Go, accepting Shiba Inu for payment.
According to a Shiba Inu announcement,
“#ShibaInu can now be used to pay for furniture pieces at the largest US furniture retailer, @RoomsToGo.”
Mainstream adoption remains the key driver for SHIB and DOGE, with DOGE benefitting from the latest announcement. BitPay also shared the news, with BitPay supporting payments with BTC, BCH, DOGE, ETH, LTC, WBTC, and a range of stablecoins, including BUSD.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was up 0.62% to $0.05966. A choppy start to the day saw DOGE slide to an early low of $0.05878 before rising to a high of $0.05993.