DOGE Bears to Target Sub-$0.07 on Uncertainty Over Twitter Plans

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) enjoyed a bullish Tuesday session, supported by the broader crypto market.
• Binance and Visa news delivered much-needed support, though Twitter uncertainty leaves DOGE under pressure.
• The technical indicators remain bearish, signaling further losses.

On Tuesday, dogecoin (DOGE) rose by 4.90%. Partially reversing an 8.93% slide from Monday, DOGE ended the day at $0.0749. Notably, DOGE ended the session at sub-$0.0800 for the fifth consecutive day.

Bullish through the morning session, DOGE rose from an early low of $0.0712 to an early morning high of $0.0754. However, coming up short of the First Major Resistance Level (R1) at $0.0773, DOGE fell back to sub-$0.0740 before wrapping up the day at $0.0749.

Shiba inu coin (SHIB) rose by 3.68% on Tuesday. Partially reversing a 4.79% slide from Monday, SHIB ended the day at $0.00000845. SHIB ended the day at sub-$0.0000090 for the seventh consecutive session.

Tracking the broader market, SHIB rose from an early morning low of $0.00000813 to a mid-afternoon high of $0.00000849. However, coming up short of the First Major Resistance Level (R1) at $0.00000864, SHIB fell back to sub-$0.00000840 before ending the day at $0.00000845.

Binance and Visa Deliver Support While Twitter Uncertainty Lingers

On Tuesday, the crypto news wires delivered much-needed price support. Fears of a Binance liquidity crunch eased further on news of Binance.US acquiring Voyager Digital for $1.022 billion.

Visa (V) plans to support Ethereum (ETH) auto-payments were also behind to the bullish Tuesday session.

However, uncertainty over Twitter’s plans to integrate DOGE onto the payment platform pegged DOGE and SHIB back from the full recovery of Monday’s losses.

On Monday, Elon Musk held a poll on Twitter, saying,

“Should I step down as head of Twitter? I will abide by the results of this poll.”

The result of the poll delivered uncertainty over crypto integration plans over the near term.

Out of 17,502,391 votes, 57.5% voted in favor of Elon Musk stepping down.

Today, Twitter news and the NASDAQ Index will likely provide direction. If Elon Musk steps down, a crypto-friendly replacement should deliver DOGE and SHIB price support. After a quiet start to the week, US economic indicators will also draw interest, with consumer confidence numbers in focus.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 1.07% to $0.0741. A mixed start to the day saw DOGE rise to an early high of $0.0751 before falling to a low of $0.0739.

Technical Indicators

DOGE needs to avoid the $0.0738 pivot to target the First Major Resistance Level (R1) at $0.0765. A move through the Tuesday high of $0.0754 would signal a bullish afternoon session. However, the NASDAQ Composite Index and Twitter updates need to be DOGE-friendly to support a breakout session.

In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.0780. The Third Major Resistance Level (R3) sits at $0.0822.

A fall through the pivot ($0.0738) would bring the First Major Support Level (S1) at $0.0723 into play. However, barring another extended sell-off, DOGE should avoid sub-$0.070 and the Second Major Support Level (S2) at $0.0696. The Third Major Support Level (S3) sits at $0.0654.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0812. This morning, the 50-day EMA slid back from the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA. The price signals were bearish.

A move through R1 ($0.0765) would bring R2 ($0.0780) and the 50-day EMA ($0.0812) into play. However, failure to move through the 50-day EMA ($0.0812) would leave DOGE under pressure.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.59% to $0.00000840. A mixed start to the day saw SHIB rise to an early high of $0.00000848 before falling to a low of $0.00000838.

Technical Indicators

SHIB needs to avoid the $0.00000836 pivot to target the First Major Resistance Level (R1) at $0.00000858. A return to $0.00000850 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and the NASDAQ Index.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000872. The Third Major Resistance Level (R3) sits at $0.00000908.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000822 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000800. The Second Major Support Level (S2) at $0.00000800 should limit the downside.

The Third Major Support Level (S3) sits at $0.00000764.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000863. This morning, the 50-day EMA slid back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00000858) and the 50-day EMA ($0.00000863) would bring R2 ($0.00000872) and the 100-day EMA ($0.00000883) into play. However, failure to move through the 50-day EMA ($0.00000863) would leave SHIB under pressure.