DOGE Eyes $0.20 as Investors Expect Twitter to Accept DOGE Payments

Key Insights:

• It was a bullish Saturday session, with dogecoin (DOGE) leading the top 100 and shiba inu coin (SHIB) enjoying another breakout day.
• Elon Musk’s Twitter (TWTR) acquisition sent DOGE to a high of $0.1524, with SHIB returning to $0.000015 before easing back.
• The technical indicators are bullish, with DOGE investors eying a return to $0.20.

On Saturday, dogecoin (DOGE) surged by 45.24%. Following a 9.08% rally on Friday, DOGE ended the day at $0.1218. Notably, DOGE hit its highest level since April and wrapped up the day at $0.12 for the first time since May 8.

A range-bound start to the day saw DOGE fall to an early low of $0.08289. Steering clear of the First Major Support Level (S1) at $0.0747, DOGE surged to a mid-afternoon high of $0.1524. DOGE broke through the day’s Major Resistance Levels before sliding back to end the session at $0.1218. Despite the late fall, DOGE held above the Third Major Resistance Level (R3) at $0.1136.

Shiba inu coin (SHIB) rallied by 10.33% on Saturday. Following a 10.06% gain on Friday, SHIB ended the day at $0.00001292.

Tracking the broader market, SHIB fell to an early low of $0.00001154. Steering clear of the First Major Support Level (S1) at $0.00001061, SHIB jumped to a late afternoon high of $0.00001519. SHIB broke through the First Major Resistance Level (R1) at $0.00001251 and the Second Major Resistance Level (R2) at $0.00001331.

However, coming up against the Third Major Resistance Level (R3) at $0.00001521, SHIB slid back to end the day at $0.00001292. The Pullback saw SHIB fall through R2.

While hopes of a December Fed pivot delivered support, investor sentiment toward Musk’s Twitter (TWTR) acquisition and what it could mean for DOGE and SHIB provided support.

According to Reuters, the number of monetizable daily active Twitter users stood at 238 million in Q2 2022. Considering the number of DOGE (4.45 million) and SHIB ($1.23 million) wallet holders as of October 29, the option to pay with DOGE and SHIB could have a material impact on the number of wallet holders.

Barring adverse news, sentiment toward the acquisition should deliver further upsides near-term.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.60% to $0.1211. A mixed start to the day saw DOGE rise to an early high of $0.1232 before falling to a low of $0.1145.

Technical Indicators

DOGE needs to avoid the $0.1190 pivot to target the First Major Resistance Level (R1) at $0.1552. A return to $0.13 would signal another breakout session.

In the case of another extended crypto market rally, DOGE should test the Second Major Resistance Level (R2) at $0.1885 and resistance at $0.020. The Third Major Resistance Level (R3) sits at $0.2580.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0857 into play. However, barring an extended crypto sell-off, DOGE should steer clear of sub-$0.0800 and the Second Major Support Level (S2) at $0.0495.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.07959. 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 S1 ($0.0857) and the 50-day EMA ($0.07959) would support a breakout from R1 ($0.1552) to eye R2 ($0.1885) and $0.20. However, a fall through S1 ($0.0857) would bring the 50-day EMA ($0.07959) into view. The 200-day EMA sits at $0.06654.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 1.32% to $0.00001275. A mixed start to the day saw SHIB rise to an early high of $0.00001297 before falling to a low of $0.00001258.

Technical Indicators

SHIB needs to move through the $0.00001322 pivot to target the First Major Resistance Level (R1) at $0.00001489 and the Saturday high of $0.00001519. A return to $0.000013 would signal another bullish session.

A broad-based crypto rally would see SHIB test the Second Major Resistance Level (R2) at $0.00001687. The Third Major Resistance Level (R3) sits at $0.00002052.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001124 in play. Barring an extended sell-off, SHIB should avoid sub-$0.0000100 and the Second Major Support Level (S2) at $0.00000957.

The Third Major Support Level (S3) sits at $0.00000592.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001105. This morning, the 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA converging on the 200-day EMA. The signals were bullish.

A bullish cross of the 100-day EMA through the 200-day EMA would support a SHIB breakout from R1 ($0.00001489) to eye R2 ($0.00001687). However, a fall through S1 ($0.00001124) and the 50-day EMA ($0.00001105) would bring the 200-day ($0.00001083) and the 100-day ($0.00001075) EMAs into play.