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Market News DOGE and SHIB Come Under Pressure on News of SEC Win Over LBRY

DOGE and SHIB Come Under Pressure on News of SEC Win Over LBRY

For DOGE and SHIB, it was another session that was bearish. The news of the SEC victory in the LBRY case weighed early on, even though Twitter news will have an impact today.

Cory Russell

2022-11-08

436

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Dogecoin (DOGE) decreased by 3.07% on Monday. DOGE dropped 7.79% on Sunday, closing the day at $0.1112. Notably, DOGE extended the losing skid to three sessions despite avoiding sub-$0.10 for the tenth straight session.

The day got off to a strong start with DOGE rising to an early morning high of $0.1190. DOGE fell to a late low of $0.1070 after failing to surpass the First Major Resistance Level (R1) at $0.1243. Before closing the day at $0.1112, DOGE briefly breached the First Major Support Level (S1) at $0.1085.

On Monday, Shiba Inu Coin (SHIB) fell by 0.34%. Sunday saw a loss of 4.98% for SHIB, who closed the day at $0.00001180.

After a down morning, SHIB recovered to reach a late high of $0.00001211. SHIB declined to a late low of $0.00001150 after falling short of the First Major Resistance Level (R1) at $0.00001258. SHIB completed the session at $0.00001180, however, avoiding the First Major Support Level (S1) at $0.00001143.

DOGE and SHIB suffered from the general crypto market's sour mood. This week's US reports put investors' desire for buying to the test. The US CPI report for October, retail sales, and consumer confidence will all be important indications of the US economy.

Despite a strong NASDAQ Composite Index session on Monday, there were losses. NASDAQ received assistance from the market's perception of the US midterm elections.

Investors in DOGE and SHIB, meanwhile, continued to focus on news from Twitter (TWTR) and Elon Musk.

The market's negative reaction to Twitter's decision to postpone the development of a cryptocurrency wallet continues to dampen interest in purchasing DOGE.

Advertiser reports of leaving DOGE remained unfavorable. The likelihood of abrupt revenue stream declines due to a decline in advertising revenue increases, which could temper the positive assumption of DOGE adoption.

The price reversed from last week's high of $0.1587 as a result of the change in mood, which was represented in the most recent DOGE holding statistics.