The Shiba Inu coin (SHIB) is up 10.06% on Friday. After reversing a 1.39% loss from Thursday, SHIB stock ended the day at $0.0001171.
Tracking the broader market, SHIB stock fell to an early low of $0.00001031. By avoiding the first major support level (S1) at $0.00001019, SHIB jumped to a high in the late afternoon at $0.0001221. SHIB broke the first major resistance level (R1) at $0.00001147 to end the day at $0.0001171.
US economic indicators and corporate earnings provided guidance in the afternoon session. The recovery in US inflationary pressures tested the support of major companies before markets reacted to slowing wage growth numbers.
While market sentiment against the Federal Reserve in December was positive for cryptocurrency, Elon Musk’s Twitter acquisition (TWTR) continued to drive demand for DOGE and SHIB.
On Friday, the New York Stock Exchange (NYSE) announced the suspension of trading in TWTR, citing an “effective merger.”
Elon Musk announced the completion of the acquisition, TwitterAnd the
“The bird is released.”
DOGE and SHIB responded to the news, with DOGE continuing to run $0.10 and targeting SHIB to return to $0.00020. Investors expect Elon Musk to support the use of DOGE and SHIB for payments via the Twitter platform.
This morning the bulls came out strong. Momentum supports other big gains, as retail investors look for the M coin.
Dogecoin (DOGE) price action
At the time of writing, DOGE stock is up 6.30% to $0.089145. A mixed start to the day saw the DOGE drop to an early low of $0.08289 before rising to $0.08981.