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The Dow Jones Industrial Average closed at 42,140.43 on Tuesday, May 13, down 269.67 points, or 0.64%. The S&P 500 closed at 5,886.55 on Tuesday, May 13, up 42.36 points, or 0.72%. The Nasdaq Composite closed at 19,010.08 on Tuesday, May 13, up 301.74 points, or 1.61%.On May 14, the German Economic Institute released its latest report on the 13th, saying that the German economy is still in recession, and the report predicts that Germanys economic output will fall by 0.2% this year. Previously, the German economy has shrunk for two consecutive years in 2023 and 2024. The report said that Germany is suffering from the severe impact of the US governments tariff policy and global uncertainty, and citizens remain cautious when making large purchases.Algerias National Oil Company and Slovenias Gio Plin have signed a gas procurement agreement, which provides for the delivery of gas to Slovenia via the gas pipeline connecting Algeria with Italy.NZD/USD rose 1.5% on the day to 0.5942.On May 14, local time, on the evening of May 13, the Yemeni Houthi armed forces issued a statement saying that its missile forces attacked Israels Ben-Gurion Airport with a hypersonic ballistic missile. The Houthi armed forces said that the missile hit the target accurately and caused the airport to be suspended for about an hour. The Houthi armed forces once again emphasized that the air blockade against Israel is still in effect and asked all airlines to stop flights to Israeli airports.

DOGE Return to $0.100 Hinged on the Fed Despite Musk Support

Jimmy Khan

Feb 02, 2023 15:46

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On Tuesday, Dogecoin (DOGE) gained 8.60%. After losing 1.78% on Monday, DOGE gained 36.95% to $0.0960 before the month's conclusion.


After a choppy start to the day, DOGE fell to an early low of $0.0881 before moving. The price of DOGE increased to a late high of $0.0980 while avoiding the First Major Support Level (S1) at $0.0844.


Prior to easing back, DOGE broke through the First Major Resistance Level (R1) at $0.0926 and the Second Major Resistance Level (R2) at $0.0969.


Tuesday saw a rise of 2.52% for the Shiba Inu Coin (SHIB). SHIB closed the month up 46.34% at $0.00001181, partially correcting a 4.56% decline from Monday.


Following the general market, SHIB dropped to an initial low of $0.00001144 before acting. SHIB rose to a morning high of $0.00001199 after avoiding the First Major Support Level (S1) at $0.00001110. SHIB failed to surpass the First Major Resistance Level (R1) at $0.00001204 and retreated to below that level before gaining late support.

The US Economic Indicators and Elon Musk provided a pre-federal boost

The larger cryptocurrency market was left to give guidance since the Shibarium Network did not release any updates to support a SHIB breakthrough. The Shibarium upgrade continues to be the major factor driving SHIB, and bulls are anticipating a breakout in SHIB due to decreased transaction fees, faster transaction speeds, and higher burn rates.


DOGE, though, appreciated a rally supported by Elon Musk. Investors responded to Elon Musk's demand that DOGE be included to the Twitter payment system. Elon Musk's increased backing and the intentions to include DOGE as a payment option make the November 2022 high of $0.1589 relevant. The lack of activity on Twitter and the demise of FTX had sent DOGE to a low of $0.0660 on December 30.


A positive DOGE outlook is presented by the decreasing FTX contagion risk and the DOGE payment option on Twitter.


The NASDAQ Index and US economic data both played a role in the breakout session. Fears of a hawkish Fed Chair Powell conference later today were allayed by US economic figures. With the US employment rate at 3.5%, which is well below the Fed's 5% mandate, uncertainty yet persists.


Investors may get alarmed if the Fed Chair adopts a hawkish stance and advocates accelerating rate increases at the cost of the US economy.


Network upgrades, however, will continue to be of interest. Investors should follow the Dogecoin Foundation, Elon Musk, and the Shibarium Network on Twitter and the cryptocurrency news wires for developments.



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