DOGE Faces the Risk of a Return to Sub-$0.0740 on Twitter Silence

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) had a mixed session on Monday, with DOGE bucking the top ten trend with a 0.39% loss.
• There were no crypto events to influence, leaving sentiment towards Twitter to peg DOGE back.
• The technical indicators remain bearish, signaling further losses.

On Monday, dogecoin (DOGE) fell by 0.39%. Following a 1.93% loss from Sunday, DOGE ended the day at $0.0758. Notably, DOGE ended the session at sub-$0.0760 for the first time in five sessions.

A bullish start to the day saw DOGE rise to an early morning high of $0.0766. Coming up short of the First Major Resistance Level (R1) at $0.0782, DOGE slid to a late low of $0.0742. However, steering clear of the First Major Support Level (S1) at $0.0736, DOGE wrapped up the day at $0.0758.

Shiba inu coin (SHIB) rose by 0.36% on Monday. Reversing a 0.36% loss from Sunday, SHIB ended the day at $0.00000832.

A bullish start to the day saw SHIB rise to an early morning high of $0.00000835. However, coming up short of the First Major Resistance Level (R1) at $0.00000839, SHIB slid to a late low of $0.00000825. Steering clear of the First Major Support Level (S1) at $0.00000820, SHIB bounced back to end the day at $0.00000832.

Twitter Jitters Leave DOGE on the Backfoot While SHIB Tracks the Market

There were no updates from Elon Musk or Twitter on the progress toward integrating DOGE onto the payment platform. The lack of updates left investors wary, leading to the DOGE decline.

The inclusion of Trading View charts on Twitter had reignited hopes of Twitter integrating DOGE onto the platform. However, the news wires have been silent, leading to the pullback from $0.0780.

In contrast, SHIB tracked the broader crypto market into positive territory. US retail sales figures from the holiday season and China’s easing COVID-19 restrictions delivered NASDAQ mini support, which fueled a late crypto rally.

Today, investors need to monitor the news wires for any Twitter updates. Shibarium updates would also need consideration, with the SHIB upgrade likely to provide a SHIB price boost. Shibarium is a layer-2 upgrade that aims to deliver faster transactions at lower fees.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.66% to $0.0753. A mixed start to the day saw DOGE rise to an early high of $0.0761 before falling to a low of $0.0750.

Technical Indicators

DOGE needs to move through the $0.0755 pivot to target the First Major Resistance Level (R1) at $0.0769. A move through the Monday high of $0.0766 would signal a bullish afternoon session. However, the crypto news wires and the NASDAQ Index 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 $0.0779. The Third Major Resistance Level (R3) sits at $0.0803.

Failure to move through the pivot ($0.0755) would leave the First Major Support Level (S1) at $0.0745 in play. However, barring an extended sell-off, DOGE should avoid sub-$0.0730. The Second Major Support Level (S2) at $0.0731 should limit the downside. The Third Major Support Level (S3) sits at $0.0707.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0773. This morning, the 50-day EMA fell 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 ($0.0769) and the 50-day EMA ($0.0773) would bring R2 ($0.0779) into view. However, failure to move through the 50-day EMA ($0.0773) would leave DOGE under pressure.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was flat at $0.00000832. A mixed start to the day saw SHIB rise to an early high of $0.00000835 before falling to a low of $0.00000829.

Technical Indicators

SHIB needs to avoid a fall through the $0.00000831 pivot to target the First Major Resistance Level (R1) at $0.00000836. A move through the Monday high of $0.00000835 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000841. The Third Major Resistance Level (R3) sits at $0.00000851.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000826 into play. However, barring an extended sell-off, SHIB should avoid sub-$0.00000820. The Second Major Support Level (S2) at $0.00000821 should limit the downside.

The Third Major Support Level (S3) sits at $0.00000811.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000837. This morning, the 50-day EMA eased back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00000836) and the 50-day EMA ($0.00000837) would give the bulls a run at R2 ($0.00000841). A breakout from the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($0.00000837) would leave SHIB under pressure.