Biggest Movers: SHIB, DOGE Near Multi-Month Lows, as Musk Finds New Twitter CEO

Largest Movers: SHIB, DOGE Close to Multi-Month Lows, as Musk Finds New Twitter CEO

May 12, 2023 Off By lordanime37
Biggest Movers: SHIB, DOGE Near Multi-Month Lows, as Musk Finds New Twitter CEO

Shiba inu moved near a five-month low on Friday, as meme cash reacted to information that Elon Musk has discovered a brand new Twitter CEO. Musk tweeted, “Excited to announce that I’ve employed a brand new CEO for X/Twitter. She will probably be beginning in ~6 weeks.” Dogecoin neared a two-month low right now.

Shiba Inu (SHIB)

Shiba inu (SHIB) neared a five-month low on Friday, as markets reacted to the information that Elon Musk will probably be stepping down as CEO.

Musk, who acquired the social media firm final yr, has been on the helm for the reason that takeover, however has now discovered a long-term substitute.

Following a excessive of $0.000008746 on Thursday, SHIB/USD dropped to a backside of $0.000008549 earlier within the day.

Because of this sell-off, shiba inu moved near Monday’s low at $0.00000835, which was the weakest level the meme coin has hit since January.

Wanting on the chart, this newest transfer occurred because the relative power index (RSI) moved deep into oversold territory, with a present studying at 23.02.

This does give hope to longer-term bulls nevertheless, {that a} reversal may very well be on the playing cards.

Dogecoin (DOGE)

Dogecoin (DOGE) additionally moved decrease in right now’s session, because the meme coin neared a multi-month low of its personal.

DOGE/USD fell to an intraday low of $0.06957 earlier on Friday, hours after buying and selling at a peak of $0.07268.

Just like SHIB, right now’s decline virtually led to dogecoin recapturing a low of $0.0692, which was its weakest degree since March.

DOGE has since bounced again from this earlier low, after bulls rejected a full breakout of a assist level of $0.07000.

As of writing, the worth is now at $0.07127, which appears to have occurred as merchants moved to purchase the dip.

Ought to right now’s low be the onerous flooring, there’ll probably be a stronger rebound within the coming days.

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