DOGE and SHIB Find Support but Fall Short of the Week Highs

Key Insights:

• It was a bullish session for DOGE and SHIB on Friday.
• Investors brushed off the EU Parliamentary vote, with risk appetite supporting the crypto majors.
• Key technical indicators remain bullish, with DOGE and SHIB holding above the 50-day EMAs.

It was a bullish day for DOGE and SHIB on Friday.

Positive market sentiment across the broader crypto market delivered support as the market moved on from the EU Parliamentary vote on KYC rules.

Partially reversing a 3.43% decline from Thursday, DOGE rose by 2.32% on Friday to end the day at $0.1413. SHIB partially reversed a 5.69% slide, with a 1.12% gain to end the day at $0.00002615.

Elsewhere, SOL surged by 9.52% to lead the way, with ETH and BNB rallying by 5.28% and 4.38%, respectively.

ADA (+2.10%), LUNA (+2.76%), and XRP (+1.58%) also found support, while AVAX (-0.60%) saw red on the day.

News Updates Weigh on DOGE, SHIB, and the Crypto Market

The broader crypto market found support going into the weekend. On Thursday, an EU Parliamentary vote in favor of KYC requirements for private crypto wallets had left the majors in the red.

There was no major news to provide the majors with direction, leaving investors’ appetite to provide support. Technical indicators continue to deliver bullish signals, supporting the current upward trend.

DOGE Price Action

At the time of writing, DOGE was up 0.64% to $0.1422.

Technical Indicators

DOGE will need to avoid the day’s $0.1388 pivot to make a run on the First Major Resistance Level at $0.1454. DOGE would need the broader crypto market to support a move back through $0.1450 levels.

An extended rally would test the Second Major Resistance Level at $0.1494 and resistance at $0.15. The Third Major Resistance Level sits at $0.1600.

A fall through the pivot would test the First Major Support Level at $0.1348. Barring an extended sell-off, DOGE should steer clear of sub-$0.1300 levels. The Second Major Support Level sits at $0.1282.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 50-day EMA, currently at $0.1390. This morning, 50-day EMA pulled away from the 100-day EMA. The 100-day EMA pulled away from the 200-day EMA after this week’s bullish cross; DOGE positive.

Avoiding the 50-day EMA would support a move back through to $0.15.

SHIB Price Action

At the time of writing, SHIB was up by 0.80% to $0.00002636.

Technical Indicators

SHIB will need to avoid the day’s $0.0000258 pivot to make a run on the First Major Resistance Level at $0.0000269. SHIB would need the broader crypto market support to return to $0.0000265 levels.

An extended rally would test the Second Major Resistance Level at $0.0000276 and resistance at $0.000028. The Third Major Resistance Level sits at $0.0000295.

A fall through the pivot would bring the First Major Support Level at $0.0000250 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000024 levels. The Second Major Support Level sits at $0.0000239.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 50-day EMA at $0.0000259. This morning, the 50-day EMA pulled away from the 100-day EMA. The 100-day EMA also pulled away from the 200-day EMA after Tuesday’s bullish cross.

A continued hold above the 50-day EMA would bring $0.000030 levels into play.