DOGE Jumps 16%, with SHIB also on the Move in a Bearish Crypto Session

Key Insights:

• It was a bullish session for DOGE and SHIB on Tuesday, with DOGE and SHIB bucking the broader market trend.
• News of Elon Musk taking a seat at the Twitter board led to a DOGE breakout.
• News of Bitcoin of America adding SHIB to its Bitcoin ATMs across the U.S delivered SHIB support.

It was a bullish day for DOGE and SHIB on Tuesday.

SHIB managed to shrug off crypto market forces, with Bitcoin of America news providing support. Elon Musk delivered a DOGE breakout for a second consecutive day.

Following a 1.30% gain on Monday, DOGE jumped by 16.17% to end the day at $0.1724. SHIB partially reversed a 1.38% loss with a 1.13% gain to end the day at $0.00002675.

It was a bearish session for the crypto top 10, however.

AVAX slid by 5.32%, with SOL (-4.00%), ADA (-3.46%), and ETH (-3.23%) also struggling.

LUNA (-0.02%), BNB (-0.84%), and XRP (-1.12%) saw relatively modest losses.

BTC ended the day with a 2.38% loss.

Elon Musk Delivers a DOGE Breakout, with BTMS Delivering SHIB Support

Following Monday’s news of Elon Musk holding a 9.2% stake in Twitter (TWTR), there was more DOGE positive news.

On Tuesday, Twitter announced Elon Musk’s seat on the Twitter board. In response to the announcement, Musk took to Twitter saying,

“Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”

Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!

— Elon Musk (@elonmusk) April 5, 2022

In March, we reported Elon Musk tweeting whether Twitter fails to support free speech. Suggestions of Elon Musk buying Twitter and changing the logo to the DOGE delivered DOGE price support at the time.

The markets are expecting swift changes following Musk’s seat at the table. On Monday, Twitter’s share price surged by 27.12% in response to news of Musk’s shareholding. Twitter found further support on Tuesday, rising by 2.02% amidst a broad-based tech sell-off that left the NASDAQ 100 down 2.26%.

On Tuesday, news of Bitcoin of America adding SHIB to its Bitcoin ATMs (BTMS) delivered SHIB support.

Bitcoin of America took to Twitter on Tuesday, tweeting,

“We asked…you answered! Shiba Inu is NOW available at Bitcoin of America BTMS.”

#Shib continues to play a role in crypto adoption, Your favorite #cryptocurrency is now available in 1800 BTMs in the United States 🇺🇸

The #ShibArmy welcomes you, @BTCofAmerica.https://t.co/p9tsCndym8

— Shib (@Shibtoken) April 4, 2022

DOGE Price Action

At the time of writing, DOGE was up by 0.29% to $0.1729.

Technical Indicators

DOGE will need to avoid the day’s $0.1664 pivot to make a run on the First Major Resistance Level at $0.1856. DOGE would need the broader crypto market to support a move to $0.18 levels.

An extended rally would test the Second Major Resistance Level at $0.1987 and resistance at $0.20. The Third Major Resistance Level sits at $0.2310.

A fall through the pivot would test the First Major Support Level at $0.1533. Barring an extended sell-off, DOGE should steer clear of sub-$0.1500 levels. The Second Major Support Level sits at $0.1341.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 50-day EMA, currently at $0.1467. This morning, 50-day EMA pulled away from the 100-day EMA. The 100-day EMA pulled away from the 200-day EMA after last week’s bullish cross; DOGE positive.

Holding above the 50-day EMA would support a move back through to $0.20.

SHIB Price Action

At the time of writing, SHIB was down by 0.07% to $0.00002673.

 

Technical Indicators

SHIB will need to move through the day’s $0.0000271 pivot to make a run on the First Major Resistance Level at $0.0000281. SHIB would need the broader crypto market to break back to $0.000028 levels.

An extended rally would test the Second Major Resistance Level at $0.0000294 and resistance at $0.000030. The Third Major Resistance Level sits at $0.0000316.

Failure to move through the pivot would bring the First Major Support Level at $0.0000258 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.0000255 levels. The Second Major Support Level sits at $0.0000249.

 

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 50-day EMA at $0.0000264. This morning, the 50-day EMA widened from the 100-day EMA. The 100-day EMA pulled away from the 200-day EMA after last week’s bullish cross.

Holding above the 50-day EMA would bring $0.000030 levels into play.