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Market News DOGE Bulls Eye a Return to $0.0900 on Elon Musk Support

DOGE Bulls Eye a Return to $0.0900 on Elon Musk Support

This morning, DOGE and SHIB found further support. Despite the optimistic movements, negative risks still exist due to regulatory risk and Fed Fear.

Skylar Shaw
2023-02-16
6800

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On Tuesday, Dogecoin (DOGE) increased by 1.71%. DOGE closed the day at $0.0835 on Monday after a flat session.


Following a range-bound morning, DOGE dropped to a low of $0.0802 in the early afternoon. After avoiding the First Major Support Level (S1) at $0.0788, DOGE surged to a high of $0.0838 in the middle of the afternoon. DOGE fell down to close the day at $0.0835 while missing the First Major Resistance Level (R1) at $0.0860.


On Tuesday, Shiba Inu Coin (SHIB) increased by 2.25%. SHIB finished the day at $0.00001275, somewhat correcting a loss of 2.81% from the previous day.


Following the general market, SHIB dropped to a low of $0.00001200 in the early afternoon before acting. SHIB rose to a mid-afternoon high of $0.00001285 while avoiding the First Major Support Level (S1) at $0.00001195. SHIB slipped down to close the day at $0.00001275 after failing to reach the First Major Resistance Level (R1) at $0.00001303.

Examination of Gary Gensler and the SEC by US lawmakers yields support

On Tuesday, there was no activity. Investors were waiting for information on the upgrading date and the specifics of the purchase while the Shibarium Network stayed mute. In addition, the Dogecoin Foundation has not provided any updates since establishing the Development Fund.


While investors wait for Twitter to begin its Crypto integration program, Elon Musk's backing from the Super Bowl has continued to strengthen the DOGE price. As investors reacted to the most recent SEC actions against crypto platforms, support came at the same time as a noticeably increased regulatory risk.


But on Tuesday, US politicians calmed the market, allaying worries that Gary Gensler would have unrestricted power to implement regulations.


A hearing titled Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets was conducted on Tuesday by the Senate Banking Committee. Gary Gensler and the SEC's shortcomings were brought to light by concerns about their regulation through enforcement and lack of SEC advice to crypto companies.


Legislators noted Gensler's appearances on morning talk programs and called for him to testify as soon as possible.

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