DOGE and SHIB Join the Broader Crypto Market in the Deep Red

Key Insights:

• Biden’s Executive Order and hopes of talks between Russia and Ukraine delivered support on Wednesday.
• News reports of Turkey adopting SHIB were also positive.
• Waning hopes of diplomatic talks between Russia and Ukraine have weighed on Riskier assets.

It was a bullish day for DOGE and SHIB on Wednesday. Market forces were aligned, delivering the pair and the broader crypto with solid gains.

Mid-week Crypto Support

News of Russia and Ukraine planning to hold talks delivered riskier assets with strong support mid-week. Alongside the crypto market, global equity markets were buoyant. On Wednesday, the NASDAQ 100 rallied by 3.59%.

Mid-week, the White House Executive Order (EO) also delivered support. The crypto market had been under stress ahead of the EO, with concerns over stringent regulatory oversight testing investor appetite.

The crypto market responded positively to Biden’s Executive Order, supporting the breakout day. U.S Secretary of the Treasury Janet Yellen reportedly outlined how the Treasury Department would tackle Biden’s EO.

Yellen’s view provided a positive spin for the markets, with Yellen noting that the EO could ‘result in substantial benefits for the nation, consumers, and businesses.’

Risk Aversion Hits as News Updates on Russian and Ukraine Dominate

Following Wednesday’s breakout day, hopes of progress towards an end to Russia’s invasion of Ukraine waned this morning.

Adding to the downside was inflation, with the U.S seeing inflationary pressures build further. In February, the U.S annual inflation rate accelerated from 7.5% to 7.9%.

With energy prices surging due to the Russian invasion of Ukraine, FED monetary policy uncertainty hit the crypto market.

For SHIB, today’s early losses come despite talk of Turkey adopting the meme coin.

According to crypto news outlets, Turkey’s Minister of Economy Mustafa Elitas met with SHIB army representatives to discuss SHIB adoption. Interest in SHIB stems from Turkish Lira woes.

DOGE Price Action

At the time of writing, DOGE was down by 3.95% to $0.1166.

Technical Indicators

DOGE will need to move through the First Major Support Level at $0.1171 and the day’s $0.1207 pivot to make a run on the First Major Resistance Level at $0.1250. DOGE would need the broader crypto market to support a move back through to $0.12 levels.

Another extended rally would test the Second Major Resistance Level at $0.1286 and resistance at $0.13. The Third Major Resistance Level sits at $0.1365.

A fall to $0.1150 would bring the Second Major Support Level at $0.1128 into play. Barring an extended sell-off, DOGE should steer clear of sub-$0.12 and Wednesday’s low of $0.1164. The Third Major Support Level sits at $0.1049.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal.

DOGE continues to sit below the 50-day EMA currently at $0.1225. The 50-day EMA has pulled back from the 100-day EMA this morning, pressuring DOGE. The 100-day EMA has also pulled back from the 200-day EMA, bringing the Major Support Levels into play.

A move through the 50-day EMA would support a run at $0.13.

SHIB Price Action

At the time of writing, SHIB was down by 3.36% to $0.00002304.

Technical Indicators

SHIB will need to move through the day’s $0.0000238 pivot to make a run on the First Major Resistance Level at $0.0000247. SHIB would need the broader crypto market to support a move back through to $0.000024 levels.

Another extended rally would test the Second Major Resistance Level at $0.0000255 and resistance at $0.000026. The Third Major Resistance Level sits at $0.0000272.

A fall-through pivot would bring the First Major Support Level at $0.0000229 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000022 levels. The Second Major Support Level at $0.0000221 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 $0.0000239. This morning, the 50-day EMA has pulled back from thTheighing on SHIB.

The 100-day EMA has also pulled this morning back from the 200-day EMA, testing the First Major Support Levels early on.

A move through the 50-day EMA would support a run at $0.000025 levels.