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DOGE Needs to Avoid Sub-$0.0590 to Target $0.0610 with SHIB in Tow
DOGE and SHIB have had a rocky start to the day. Another bullish session would be supported by a break through the early highs.
Dogecoin (DOGE) increased by 1.80% on Monday. DOGE finished the day at $0.05998 after rising by 0.59% on Sunday.
Due to a bearish start to the day, DOGE dropped to a low point of $0.05855 in the morning. The price of DOGE climbed to a late high of $0.06018 while avoiding the First Major Support Level (S1) around $0.0584. Prior to easing back through R2, DOGE broke through the First Major Resistance Level (R1) at $0.0594 and the Second Major Resistance Level (R2) at $0.0600.
On Monday, Shiba Inu Coin (SHIB) increased by 1.07%. SHIB finished the day at $0.00001040 after gaining 0.59% on Sunday.
Following the market as a whole, SHIB dropped to an early low of $0.00001021. SHIB reached a peak in the early afternoon of $0.00001047, avoiding the First Major Support Level (S1) at $0.00001018. Before dropping down to below $0.00001030, SHIB broke over the First Major Resistance Level (R1) at $0.00001040. SHIB did, however, retest R1 as the day ended on a high note.
On Monday, network upgrades and Fed Fear took a backseat. DOGE and SHIB prices were supported by a strong increase in investor interest in risky assets.
A bullish day was brought on by the UK Government's U-turn on the mini-budget and US corporate results. The upside was however constrained by US economic indices and market perceptions of Fed monetary policy.
On Monday, market expectations for a 75-basis point Fed rate increase in November and December remained stable.
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