DOGE Eyes $0.060 to Target $0.0620, with SHIB also on the Rise

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in negative territory on Saturday and Sunday after having bucked the bearish trend on Friday.
• The bearish sentiment from Friday, weighed by US inflation, spilled over to the weekend session.
• The technical indicators are bearish, with DOGE and SHIB sitting below their 50-day EMAs, signaling a visit to the September lows.

On Sunday, dogecoin (DOGE) fell by 2.17%. Following a 1.75% loss from Saturday, DOGE ended the week down 3.06% to $0.05929.

A mixed start to the day saw DOGE rise to an early morning high of $0.06095 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $0.06240, DOGE slid to a late low of $0.05880.

DOGE fell through the First Major Support Level (S1) at $0.05950 and the Second Major Support Level (S2) at $0.0584 before a partial recovery to $0.05929.

Shiba Inu Coin (SHIB) fell by 2.06% on Sunday. Following a 1.24% loss on Saturday, SHIB ended the week down by 0.64% to $0.00001095.

A choppy morning saw SHIB rise to a mid-high of $0.00001122. However, coming up short of the First Major Resistance Level (R1) at $0.0000114, SHIB slid to a late morning low of $0.00001077. SHIB fell through the First Major Support Level (S1) at $0.0000110 and the Second Major Support Level (S2) at $0.0000109.

However, finding early afternoon support, SHIB struck a high of $0.00001120 before sliding back through S1 and briefly through S2.

Having bucked the broader market trend on Friday, DOGE and SHIB succumbed to market forces over the weekend. Friday’s US inflation figures refueled Fed fear, sending the crypto market into the red for the third consecutive session.

SHIB news delivered the pair support on Friday before the Saturday reversal. On Friday, news hit the wires of US furniture store Rooms To Go, accepting Shiba Inu for payment.

According to a Shiba Inu announcement,

“#ShibaInu can now be used to pay for furniture pieces at the largest US furniture retailer, @RoomsToGo.”

Mainstream adoption remains the key driver for SHIB and DOGE, with DOGE benefitting from the latest announcement. BitPay also shared the news, with BitPay supporting payments with BTC, BCH, DOGE, ETH, LTC, WBTC, and a range of stablecoins, including BUSD.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 0.62% to $0.05966. A choppy start to the day saw DOGE slide to an early low of $0.05878 before rising to a high of $0.05993.

Technical Indicators

DOGE needs to move through the $0.0597 pivot to target the First Major Resistance Level (R1) at $0.0606 and the Sunday high of $0.06095. A pickup in market risk appetite would support a breakout from the morning high of $0.05993.

In the case of an extended crypto market rebound, DOGE should test the Second Major Resistance Level (R2) at $0.0618 before any pullback. The Third Major Resistance Level (R3) sits at $0.0640.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0584 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0580 and the Second Major Support Level (S2) at $0.0575. The Third Major Support Level (S3) sits at $0.0554.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.06064. Today, the 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA, delivering bearish signals.

The weekend slide through 50-day EMA and the 100-day EMA and DOGE leave sub-$0.590 in play. However, a move through R1 ($0.06060), the 50-day, and 100-day ($0.06093) EMAs would give the bulls a run at R2 ($0.0618) and the 200-day EMA ($0.06203).

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.64% to $0.00001102.

A choppy start to the day saw SHIB slide to an early low of $0.00001084 before rising to a high of $0.00001125.

SHIB tested the First Major Resistance Level (R1) at $0.0000112 before easing back.

Technical Indicators

SHIB needs to avoid the $0.0000110 pivot to retarget the Firsts Major Resistance Level (R1) at $0.0000112 and the morning high of $0.00001125. Crypto-friendly US economic indicators and FOMC member chatter would support a breakout session.

A broad-based crypto rally would see SHIB test the Second Major Resistance Level (R2) at $0.0000114 and resistance at $0.0000115 before easing back. The Third Major Resistance Level (R3) at $0.0000119.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0000107 into play. Barring an extended sell-off, SHIB should avoid sub-$0.0000105. The Second Major Support Level (S2) at $0.0000105 would likely limit the downside.

The Third Major Support Level (S3) sits at $0.0000101.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00001114. This morning, the 50-day EMA slipped back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The signals were bearish.

A move through 50-day EMA ($0.00001114) would give the bulls a run at R1 ($0.0000112) and the 100-day EMA ($0.00001129). The 200-day EMA sits at $0.00001164. However, failure to move through the 50-day EMA ($0.00001114) would leave the support levels in play.