Shiba inu Coin (SHIB) shares are down 7.74% on Sunday. After partially reversing its 10.33% rally from last Saturday, SHIB ended the week 17.21% higher at $0.0001192.
Tracking the broader market, SHIB’s stock rose to a mid-morning high of $0.0001393 before retreating. When SHIB failed to reach the first major resistance level (R1) at $0.00001,489, SHIB fell to a late low of $0.00001159. However, to avoid the first major support level (S1) at $0.00001124, SHIB returned to $0.00001199 before pulling back.
Bearish investor sentiment from the broader cryptocurrency market left DOGE and SHIB in the red for the session. However, the downside was modest compared to the gains from the week. Elon Musk’s acquisition of Twitter (TWTR) supports further price gains. Investors expect Twitter to accept DOGE and SHIB payments.
With the number of daily active users earning more than 200 million, accepting DOGE and SHIB payments on Twitter should see a sharp increase in adoption. As of October 30, the total number of DOGE and SHIB holders is 5.68 million.
While investor sentiment toward the Fed’s policy decision on Wednesday will test buyer’s appetite, the Twitter story remains bullish for DOGE and SHIB.
Dogecoin (DOGE) price action
At the time of writing, DOGE stock is up 3.00% to $0.1213. A mixed start to the day saw DOGE drop to an early low of $0.1166 before rising to a high of $0.1261.