DOGE and SHIB Struggle on a Mixed Day for the Crypto Market

Key Insights:

• It was a bearish Tuesday session for DOGE and SHIB, with DOGE seeing red for the fifth time in six sessions.
• Market caution ahead of today’s FED monetary policy decision and Russia’s ongoing bombing campaign weighed.
• Key technical indicators remain bearish, with DOGE and SHIB still sitting below the 50-day EMAs.

It was a bearish day for DOGE and SHIB on Monday. Market caution ahead of the FED’s monetary policy decision, later today, weighed.

Partially reversing a 2.51% gain from Monday, DOGE fell by 1.05% to end the day at $0.1128. SHIB partially reversed Monday’s 1.72% rise with a 1.41% loss to end the day at $0.00002172.

FED Monetary Policy and Russia’s Continued Attacks Weighed

DOGE and SHIB tracked Bitcoin (BTC) into the red on Tuesday. The losses were modest as the markets await the FED monetary policy decision later today.

From the U.S, the NASDAQ 100 supported the recovery of heavier losses. On Tuesday, the NASDAQ 100 ended the day up by 2.92%, supported by softer oil prices and weaker than expected U.S wholesale inflation figures.

Market sentiment towards the ongoing Russian invasion of Ukraine remained negative for riskier assets.

DOGE Price Action

At the time of writing, DOGE was down by 0.18% to $0.1126.

Technical Indicators

DOGE will need to avoid the day’s $0.1124 pivot to make a run on the First Major Resistance Level at $0.1146. DOGE would need the broader crypto market to support a move back through to $0.1140 levels.

An extended rally would test the Second Major Resistance Level at $0.1164 and resistance at $0.1175. The Third Major Resistance Level sits at $0.1204.

A fall through the pivot would bring the First Major Support Level at $0.1106 into play. Barring an extended sell-off, DOGE should steer clear of the Second Major Support Level at $0.1084.

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 $0.1164.

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 100-day EMA, currently at $0.1206, would support a run at $0.13.

SHIB Price Action

At the time of writing, SHIB was down by 0.41% to $0.00002163.

Technical Indicators

SHIB will need to move through the day’s $0.00002172 pivot to make a run on the First Major Resistance Level at $0.0000221. SHIB would need the broader crypto market to support a return to $0.0000220 levels.

An extended rally would test the Second Major Resistance Level at $0.0000226 and resistance at $0.0000230. The Third Major Resistance Level sits at $0.0000235.

Failure to move through the pivot would bring the First Major Support Level at $0.0000213 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.0000200. The Second Major Support Level at $0.0000208 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 $0.0000225.

This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also pulled back from the 200-day EMA, another bearish signal.

A move through the 50-day EMA would support a run at $0.000023 levels.