DOGE and SHIB Find Weekend Support to Near Weekly Highs

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Published: Mar 27, 2022, 03:09 UTC

It's been a bullish start to Sunday, with DOGE and SHIB looking to consolidate Saturday's gains and target current week highs through day.

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Key Insights:

It was a bullish session for DOGE and SHIB on Saturday.
Broader crypto market sentiment delivered support.
Key technical indicators are bullish, with DOGE holding above the 50-day EMA and SHIB above the 200-day EMA.

It was a bullish day for DOGE and SHIB on Saturday. Bullish sentiment across the broader crypto market delivered support.

Partially reversing a 4.31% loss from Friday, DOGE rose by 3.97% to end the day at $0.1361. SHIB partially reversed a 2.27% loss from Friday, with a 1.33% gain to end the day at $0.00002444.

Elsewhere, ADA rallied by 5.10% to lead the way, with AVAX (+2.95%) and SOL (+3.18%) finding strong support.

LUNA (+1.56%), and XRP (+1.02%), BNB (+1.39%) and ETH (+1.36%) saw modest gains.

Crypto Market Risk Sentiment Supports

There were no major news headlines to provide the broader crypto market with support on Saturday.

Bitcoin’s (BTC) gradual move back towards $45,000 levels delivered broader crypto market support. On Saturday, BTC rose by 0.77% to end the day at $44,536.

DOGE Price Action

At the time of writing, DOGE was up 0.88% to $0.1373. A bullish start to the day saw DOGE test the First Major Resistance Level at $0.1390 before easing back.

A move through the current week’s high of $0.1412 would bring $0.15 into play.

Technical Indicators

DOGE will need to avoid the day’s $0.1341 pivot to make another run on the First Major Resistance Level at $0.1390. DOGE would need the broader crypto market to support a move back through to $0.1380.

An extended rally would test the Second Major Resistance Level at $0.1420. The Third Major Resistance Level sits at $0.1499.

A fall through the pivot would test the First Major Support Level at $0.1311. Barring an extended sell-off, DOGE should steer clear of sub-$0.1300 levels. The Second Major Support Level sits at $0.1262.

DOGE would need to avoid the pivot to consolidate Saturday’s gain.

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 $0.1283. This morning, the 50-day EMA pulled away from the 200-day EMA. The 100-day EMA closed in on the 200-day EMA; DOGE positive.

A bullish cross of the 100-day EMA through the 200-day EMA would support a return to $0.15.

A bullish cross of the 100-day EMA through the 200-day would bring $0.15 into play.

SHIB Price Action

At the time of writing, SHIB was up by 0.90% to $0.00002466. A bullish start to the day saw SHIB test the First Major Resistance Level at $0.0000248 before easing back.

The bullish trend continues with the next price target being $0.000026.

Technical Indicators

SHIB will need to avoid the day’s $0.0000244 pivot to make another run on the First Major Resistance Level at $0.0000248. SHIB would need the broader crypto market to move through the morning high of $0.00002478.

An extended rally would test the Second Major Resistance Level at $0.0000252. The Third Major Resistance Level sits at $0.0000261.

A fall through the pivot would bring the First Major Support Level at $0.0000240 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.0000230 levels. The Second Major Support Level at $0.0000235 should limit the downside.

SHIB would need to hold above the pivot to take another run at Resistance Levels,

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 200-day EMA at $0.0000241. This morning, the 50-day EMA narrowed to the 200-day EMA. The 100-day EMA also closed in on the 200-day EMA.

A bullish cross of the 50-day EMA through the 200-day EMA would bring $0.000026 levels into play.

A bullish cross of the 50-day EMA through the 200-day would bring $0.000026 into play,

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.