- DOGE joined the overall crypto space in the red during Sunday sessions, with SHIB plummeting for its 8th day out of nine.
- Bearishness persisted early today before Binance’s cryptocurrency recovery fund news brought much-required support.
- Nevertheless, technical indicators stayed bearish, and EMAs signaled further dips.
Sunday sessions saw DOGE plunging by 3.53% to reverse Saturday’s 3.66% gain, and the meme coin closed the week 26.1% down to $0.0848. meanwhile, Dogecoin ended the day near sub-$0.10 for its 6th successive session.
Bullishness early yesterday saw Dogecoin allying to $0.0914. Failure to overcome the initial resistance at $0.0957 welcomed declines to $0.0828. nevertheless, DOGE ended Sunday at $0.0848 after keeping away the foothold at $0.0792.
Shiba Inu followed Dogecoin’s actions, dropping 5.56% during Sunday sessions to extend Saturday’s 3.24% dip, and SHIB closed the week at $0.00000901 – 23.8% down. The DOGE competitor tracked the broad market, climbing to $0.00000974 before plunging to $0.00000887 following an encounter with the $0.00000990 initial resistance.
Meantime, Shiba Inu ended the day near $0.00000901. Elon Musk could not support DOGE for a 2nd consecutive session, leaving the meme coins at the mercy of the overall crypto space.
Musk boosted Dogecoin on Saturday before bearishness resumed the next day. The marketplace remained downbeat until early today after Binance confirmed a cryptocurrency recovery fund.
CZ stated that Binance is creating a recovery fund to assist ‘strong’ projects that suffer liquidity crises, citing the cascading negative impacts from FTX’s bankruptcy. He added that more details would emerge soon. Meanwhile, investors that think they qualify can contact Binance labs.
The crypto space reacted to the announcement favorably, adding $46.8billion. Meanwhile, a bearish morning saw the market sliding to $757.9 billion before rising to $804.7 billion. Though FTX and related news will keep influencing, details about the Binance recovery fund remain crucial for breakout sessions.
DOGE Price Action
DOGE stood at $0.0866 during this publication, gaining 2.12%. Morning sessions saw Dogecoin falling to $0.0792 before climbing to $0.0886. The alt should avoid $0.0863 to target the resistance at $0.0899. reclaiming $0.0900 would indicate bullishness. However, Binance should confirm details about the recovery fund to back extended rallies.
Stay tuned for upcoming cryptocurrency news.