DOGE and SHIB See Red as Crypto Investors Respond to EU Vote

Key Insights:

• It was a bearish session for DOGE and SHIB on Thursday.
• An EU Parliamentary vote on KYC Requirements for crypto wallets weighed on investor sentiment.
• Key technical indicators remain bullish, with DOGE and SHIB holding above the 100-day EMAs.

It was a bearish day for DOGE and SHIB on Thursday.

Negative market sentiment across the broader crypto market driven by an EU Parliamentary vote on KYC rules led to a reversal of early gains.

Following a 0.97% decline from Wednesday, DOGE fell by 3.43% on Thursday to end the day at $0.1381. SHIB reversed a 0.33% gain, with a 5.69% slide to end the day at $0.00002586.

Elsewhere, AVAX and SOL rose by 2.15% and 1.82%, respectively. It was a bearish Thursday for the rest of the majors.

ADA (-4.03%) and XRP (-5.32%) saw deep red, with BNB (-2.96%), ETH (-3.06%), LUNA (-3.18%) also struggling.

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

Through the second half of the day, market reaction to an EU Parliament vote in favor of KYC requirements for private crypto wallets weighed. KYC requirements will be in place for payments above the €1,000 threshold.

DOGE Price Action

At the time of writing, DOGE was up 0.43% to $0.1387. A bullish start to the day saw DOGE rise to an early morning high of $0.1395.

Technical Indicators

DOGE will need to move through the day’s $0.1407 pivot to make a run on the First Major Resistance Level at $0.1452. DOGE would need the broader crypto market to support a move back through $0.1400 levels.

An extended rally would test resistance at $0.15 and the Second Major Resistance Level at $0.1524. The Third Major Resistance Level sits at $0.1641.

Failure to move through the pivot would test the First Major Support Level at $0.1335. Barring an extended sell-off, DOGE should steer clear of sub-$0.1300 levels. The Second Major Support Level sits at $0.1290.

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

A move through the 50-day EMA would support a return to $0.15.

SHIB Price Action

At the time of writing, SHIB was up by 0.62% to $0.00002602. A bullish start to the day saw SHIB rise to an early morning high of $0.00002622.

Technical Indicators

SHIB will need to move through the day’s $0.0000265 pivot to make a run on the First Major Resistance Level at $0.0000275. SHIB would need the broader crypto market to return to $0.000027 levels.

An extended rally would test the Second Major Resistance Level at $0.0000291 and resistance at $0.000030. The Third Major Resistance Level sits at $0.0000316.

Failure to move through the pivot would bring the First Major Support Level at $0.0000249 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 at the 50-day EMA at $0.0000260 after Monday’s bullish cross. This morning, the 50-day EMA flattened on the 100-day EMA. The 100-day EMA 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.