DOGE and SHIB Remain Under Pressure After a Bearish Weekend

Key Insights:

• It was a bearish end to the week for DOGE and SHIB, with DOGE seeing red for a fourth consecutive day.
• Market angst over Russia and apprehension ahead of the EU’s vote on MiCA tested support.
• Key technical indicators continue to flash red, with DOGE and SHIB remaining below the 50-day EMAs.

It was a bearish day for DOGE and SHIB on Sunday. Market angst over Russia’s invasion of Ukraine remained the key driver through the weekend. With EU lawmakers set to vote on the EU’s crypto regulatory framework, Markets in Crypto Assets (MiCA), apprehension ahead of today’s vote likely contributed to Sunday’s losses.

Following a 0.43% loss on Saturday, DOGE fell by 2.87% to end the day at $0.1116. SHIB reversed Saturday’s 0.41% gain with a 2.76% loss to end the day at $0.00002153.

News Updates on the War in Ukraine Continued to Weigh

Russia’s bombing campaign continued into Sunday, with the news wires reporting Russia’s bombing campaign nearing Ukraine’s border with Poland.

Over the weekend, news of Russia approaching China for military equipment was also market negative. Any support from China would likely cause further market turmoil, with Western nations likely to be forced into rolling out sanctions against the country.

DOGE Price Action

At the time of writing, DOGE was down by 0.18% to $0.1114.

Technical Indicators

DOGE will need to move through the day’s $0.1126 pivot to make a run on the First Major Resistance Level at $0.1153. DOGE would need the broader crypto market to support a move back through to $0.1150 levels.

An extended rally would test the Second Major Resistance Level at $0.1190 and resistance at $0.12. The Third Major Resistance Level sits at $0.1254.

Failure to move through the pivot would bring the First Major Support Level at $0.1089 into play. Barring an extended sell-off, DOGE should steer clear of the Second Major Support Level at $0.1062.

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 $0.1182.

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

A move through the 50-day EMA would support a run at $0.12.

SHIB Price Action

At the time of writing, SHIB was down by 0.05% to $0.00002152.

Technical Indicators

SHIB will need to move through the day’s $0.0000220 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.

An extended rally would test the Second Major Resistance Level at $0.0000240. The Third Major Resistance Level sits at $0.0000261.

Failure to move through the pivot would bring the First Major Support Level at $0.0000207 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.0000200. The Second Major Support Level at $0.0000200 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 $0.0000229.

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.