Key Insights:
- It was a bullish Monday session, with dogecoin (DOGE) enjoying a sixth bullish session from seven.
- Investor sentiment toward the Twitter (TWTR) acquisition and the talk of a DOGE integration with TWTR delivered support.
- The technical indicators are bullish, with DOGE investors eying a return to $0.20.
On Monday, dogecoin (DOGE) rallied by 7.74%. Reversing a 3.34% loss from Sunday, DOGE ended October up 105.65% to $0.1268. Notably, DOGE avoided sub-$0.10 for the second time since May.
A mixed start to the day saw DOGE fall to a mid-morning low of $0.1138. Steering clear of the First Major Support Level (S1) at $0.1047, DOGE rose to a late afternoon high of $0.1316. However, falling short of the First Major Resistance Level (R1) at $0.1372, DOGE slipped back to end the day at sub-$0.13.
Shiba inu coin (SHIB) rose by 4.28% on Monday. Partially reversing a 7.74% slide from Sunday, SHIB ended October up 9.81% to $0.00001243.
Tracking the broader market, SHIB fell to an early low of $0.00001171. Steering clear of the First Major Support Level (S1) at $0.00001103, SHIB rallied to an early afternoon high of $0.00001319. However, coming up short of the First Major Resistance Level (S1) at $0.00001337, SHIB slipped back to end the day at sub-$0.000013.
DOGE and SHIB resumed their respective upswings, supported by updates on Elon Musk’s Twitter (TWTR) acquisition.
On Monday, an exchange between Shibetoshi Nakamoto (Billy Markus) and Elon Musk delivered DOGE price support. Dogecoin co-founder Markus said,
“Sources: The new Twitter blue verification feature will have 69 tiers, with the top tier giving you a crown icon and the power to pan any user. It will cost $420,000,000. Elon Musk told Twitter employees if they don’t finish it by Monday, he will blast Nickleback in the office.”
Elon Musk responded by saying,
“Oh no, all our diabolical plans have been revealed!!”
Today, Elon Musk took to Twitter to deliver another DOGE breakout. Musk posted a picture of a Shiba Inu wearing a Twitter-T. The latest tweet fueled expectations of Twitter adding DOGE as a means of payment.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was up 15.89% to $.1470. A bullish morning saw DOGE jump from an early low of $0.1245 to a high of $0.1494.
DOGE broke through the First Major Resistance Level (R1) at $0.1343 and the Second Major Resistance Level (R2) at $0.1418.
Technical Indicators
DOGE needs to hold above R2 ($0.1419) to retarget the morning high of $0.1494 and $0.15. In the event of an extended afternoon breakout session, the Third Major Resistance Level (R3) at $0.1595 would likely come into play.
Chatter on the Twitter acquisition and any suggestions of accepting DOGE for payment would support a run at $0.20.
A fall through the Major Resistance Levels and the pivot ($0.1241) would bring the First Major Support Level (S1) at $0.1166 into play. However, barring an afternoon meltdown, DOGE should steer clear of sub-$0.11 and the Second Major Support Level (S2) at $0.1064.
The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.1001. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening to the 200-day EMA. The price signals were bullish.
Avoiding the Major Support Levels and the 50-day EMA ($0.1001) would support a continued run at $0.20. However, a fall through S1 ($0.1166) would bring S2 ($0.1064) and the 50-day EMA ($0.1001) into view. The 200-day EMA sits at $0.07440.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was up 5.31% to $0.00001309. A mixed start to the day saw SHIB fall to an early low of $0.00001227 before rising to a high of $0.00001320.
SHIB tested the First Major Resistance Level (R1) at $0.00001318 before easing back.
Technical Indicators
SHIB needs to avoid the $0.00001244 pivot to retarget the First Major Resistance Level (R1) at $0.00001318 and the morning high of $0.00001320. A return to $0.00001320 would signal a bullish afternoon session.
In case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00001392 and resistance at $0.000015. The Third Major Resistance Level (R3) sits at $0.00001540.
A fall through the pivot would bring the First Major Support Level (S1) at $0.00001170 into play. Barring an extended sell-off, SHIB should avoid sub-$0.000011 and the Second Major Support Level (S2) at $0.00001096.
The Third Major Support Level (S3) sits at $0.00000948.
The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001165. This morning, the 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.
The bullish cross of the 100-day EMA through the 200-day EMA supports a SHIB return to $0.00001350 to bring R2 ($0.00001392) and $0.000015 into view. However, a fall through S1 ($0.00001170) and the 50-day EMA ($0.00001165) would give the bears a run at the 100-day ($0.00001117) and the 200-day ($0.00001104).
