DOGE Eyes Return to $0.0950 in Response to Binance Announcement
- Dogecoin (DOGE) rejoined the broader crypto market in the red on Sunday, with shiba inu coin (SHIB) falling for the eighth day in nine.
- The bearish sentiment continued this morning before news of Binance launching a crypto recovery fund delivered much-needed support.
- However, the technical indicators remain bearish, with the EMAs signaling further losses.
On Sunday, dogecoin (DOGE) fell by 3.53%. Reversing a 3.66% gain from Saturday, DOGE ended the week down 26.1% to $0.0848. Notably, DOGE ended the day at sub-$0.10 for the sixth consecutive session.
A bullish start to the day saw DOGE rise to an early high of $0.0914. Falling short of the First Major Resistance Level (R1) at $0.0957, DOGE slid to a low of $0.0828. However, steering clear of the First Major Support Level (S1) at $0.0792, DOGE wrapped up the day at $0.0848.
Shiba inu coin (SHIB) slid by 5.65% on Sunday. Following a 3.24% loss on Saturday, SHIB ended the week down 23.8% to $0.00000901.
Tracking the broader market, SHIB rose to an early high of $0.00000974. Coming up short of the First Major Resistance Level (R1) at $0.00000990, SHIB slid to a low of $0.00000887. SHIB fell through the First Major Support Level (S1) at $0.00000923 and briefly through the Second Major Support Level (S2) at $0.00000890 before ending the day at $0.00000901.
Elon Musk failed to deliver DOGE support for a second consecutive session, leaving DOGE and SHIB in the hands of the broader crypto market.
Musk delivered a DOGE boost on Saturday before the downward trend resumed on Sunday.
Crypto market conditions remained bearish this morning until Binance announced the launch of a crypto recovery fund.
Binance CEO CZ announced the launch of an industry recovery fund. CZ said,
“To reduce further cascading negative effects from FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance labs if you think you qualify,”
“Also welcome other industry players with cash who wants to co-invest. Crypto is not going away. We are still here. Let’s rebuild.”
The crypto market responded favorably to the announcement, jumping by $46.8 billion in response to the news. A bearish morning had seen the crypto market tumble to a low of $757.9 billion before hitting a high of $804.7 billion.
While FTX and contagion news will continue to influence, the details of the Binance recovery fund will be the key to a breakout session.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was up 2.12% to $0.0866. A mixed morning saw DOGE fall to a low of $0.0792 before rising to a high of $0.0886.
DOGE needs to avoid the $0.0863 pivot to target the First Major Resistance Level (R1) at $0.0899 and the Sunday high of $0.0914. A return to $0.0900 would signal a bullish afternoon session. However, Binance will need to deliver more details on the recovery fund to support an extended rally.
In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.0949. The Third Major Resistance Level (R3) sits at $0.1035.
A fall through the pivot ($0.0863) would bring the First Major Support Level (S1) at $0.0813 back into play. However, barring another extended sell-off, DOGE should avoid sub-$0.0780 and the Second Major Support Level (S2) at $0.0777.
The Third Major Support Level (S3) sits at $0.0691.
The EMAs sent a bearish signal, with DOGE sitting below the 200-day EMA, currently at $0.0897. The 50-day EMA pulled back from the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bearish.
A move through the 200-day EMA ($0.0897) and R1 ($0.0899) would bring the 50-day EMA ($0.0936) and R2 ($0.0949) into play. However, failure to move through the 200-day EMA ($0.0897) would bring S1 ($0.0813) into view.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was up 2.22% to $0.00000921. A mixed start to the day saw SHIB fall to an early low of $0.00000854 before rising to a high of $0.00000937.
SHIB needs to avoid a fall through the $0.00000921 pivot to target the First Major Resistance Level (R1) at $0.00000954 and the Sunday high of $0.00000974. A return to $0.00000950 would signal a bullish afternoon session.
In case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00001008. The Third Major Resistance Level (R3) sits at $0.00001095.
A fall through the pivot would bring the First Major Support Level (S1) at $0.00000867 back into play. Barring another extended sell-off, SHIB should avoid sub-$0.00000850 and the Second Major Support Level (S2) at $0.00000834.
The Third Major Support Level (S3) sits at $0.00000747.
The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00001014. This morning, the 50-day EMA fell 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 R1 ($0.00000954) would give the bulls a run at R2 ($0.00001008) and the 50-day EMA ($0.00001014). However, failure to move through the 50-day EMA would leave SHIB under pressure.