DOGE and SHIB Find Early Support after More Losses on Friday

Key Insights:

• On Friday, DOGE and SHIB saw red for a second consecutive day.
• Risk aversion stemming from Russia’s continued bombing of Ukraine weighed.
• Key technical indicators continue to flash red, with DOGE and SHIB sitting below their 50-day EMAs.

It was another bearish day for DOGE and SHIB on Friday. Risk aversion spilled over from the global equity markets, reversing early gains.

Following a 3.79% loss on Thursday, DOGE fell by 1.20% to end the day at $0.1154. SHIB followed Thursday’s 5.08% slide with a 2.56% decline to end the day at $0.00002205.

News Updates on Russia’s Invasion of Ukraine Weighed

Negative market sentiment towards the Russian invasion of Ukraine continued to pressure the crypto majors. Hopes of progress on talks to end the war had provided some respite through the morning before the sell-off resumed.

News of Russia’s intensifying attacks on Ukraine dashed hopes of any near-term end to the invasion.

Negative sentiment spilled over from the US equity markets. The NASDAQ 100 fell by 2.18% on Friday, with the Dow and the S&P500 also ending the day in the red.

Rising crude oil prices added to the market angst, with Thursday’s US inflation figures yet to reflect the effects of the invasion on consumer prices.

DOGE Price Action

At the time of writing, DOGE was up by 1.39% to $0.1170.

Technical Indicators

DOGE will need to avoid the day’s $0.1159 pivot to make a run on the First Major Resistance Level at $0.1180. DOGE would need the broader crypto market to support a breakout from this morning’s high $0.1172 levels.

An extended rally would test the Second Major Resistance Level at $0.1205. The Third Major Resistance Level sits at $0.1251.

A fall through the pivot would bring the First Major Support Level at $0.1134 into play. Barring an extended sell-off, DOGE should steer clear of sub-$0.11. The Second Major Support Level at $0.1113 should limit the downside.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. DOGE remains below the 50-day EMA, currently at $0.1207.

This morning, the 50-day EMA has fallen further back from the 100-day and the 200-day EMAs. The 100-day EMA has pulled back from the 200-day EMA, also bearish.

A move through the 50-day EMA would support a run at $0.1250.

SHIB Price Action

At the time of writing, SHIB was up by 1.77% to $0.00002244.

Technical Indicators

SHIB will need to avoid a fall through the day’s $0.00002240 pivot to make a run on the First Major Resistance Level at $0.0000228. SHIB would need the broader crypto market to support a breakout from $0.0000225 levels.

An extended rally would test the Second Major Resistance Level at $0.0000236 and resistance at $0.000024. The Third Major Resistance Level sits at $0.0000248.

A fall through the pivot would bring the First Major Support Level at $0.0000216 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000020 levels. The Second Major Support Level at $0.0000211 should limit the downside.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB currently sits below the 50-day EMA at $0.0000235.

This morning, the 50-day EMA has pulled back from the 100-day EMA. The 100-day EMA has also pulled back from the 200-day EMA, another bearish signal.

A move through the 50-day EMA would support a run at $0.000024 levels.