DOGE Rises for a Third Consecutive Day, with SHIB also on the Move

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Updated: Mar 25, 2022, 08:58 UTC

DOGE saw a third consecutive day of solid gains, with the addition of DOGE to the Bitcoin ATM offering continuing to deliver support on Thursday.

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Key Insights:

It was another bullish session for DOGE and SHIB on Thursday.
Continued market reaction to DOGE’s inclusion in Bitcoin ATMs delivered another DOGE breakout day.
Key technical indicators are bullish, with DOGE and SHIB breaking out from their 200-day EMAs.

It was a bullish day for DOGE and SHIB on Thursday. Bullish sentiment across the broader crypto market delivered support.

Following a 6.04% rally on Wednesday, DOGE rose by 5.31% to end the day at $0.1368. SHIB followed a 3.96% gain on Wednesday, with a 1.48% rise to end the day at $0.00002475.

Elsewhere, SOL led the way, rallying by 7.90%.

ADA (+2.08%), AVAX (+1.72%), BNB (+1.42%), ETH (+2.42%), and XRP (+0.59%) trailed the front runners, while LUNA fell by 1.58%.

Crypto Market Risk Sentiment Delivers Solid Gains

On Thursday, broader investor appetite for cryptos delivered support to DOGE and SHIB.

For Dogecoin, news of Bitcoin of America adding Dogecoin to its Bitcoin ATMs (BTMs) continued to provide support.

BTMs are not only cash dispensers but also support the buying of crypto with fiat and the selling of crypto for fiat.

DOGE Price Action

At the time of writing, DOGE was down 1.17% to $0.1352.

DOGE is under pressure early, with the broader crypto market also in the red early on.

Technical Indicators

DOGE will need to move through the day’s $0.1353 pivot to make a run on the First Major Resistance Level at $0.1427. DOGE would need the broader crypto market to support a breakout from Thursday’s high of $0.1412.

An extended rally would test the Second Major Resistance Level at $0.1487 and resistance at $0.15. The Third Major Resistance Level sits at $0.1621.

Failure to move through the pivot would test the First Major Support Level at $0.1293. Barring an extended sell-off, DOGE should steer clear of sub-$0.1250 levels. The Second Major Support Level sits at $0.1219.

Failure to move through the pivot would leave support levels in play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 200-day EMA, currently at $0.1261. The 50-day EMA narrowed to the 200-day EMA. The 100-day EMA also closed in on the 200-day EMA; DOGE positive.

Holding above the 200-day EMA would support a run at $0.15.

A bullish cross would bring $0.15 levels into play.

SHIB Price Action

At the time of writing, SHIB was down by 1.05% to $0.00002442.

It’s a mixed start to the day, with broader market sentiment weighing.

Technical Indicators

SHIB will need to avoid the day’s $0.0000247 pivot to make a run on the First Major Resistance Level at $0.0000253. SHIB would need the broader crypto market to move through Thursday’s high of $0.00002524.

An extended rally would test the Second Major Resistance Level at $0.0000258 and resistance at $0.0000260. The Third Major Resistance Level sits at $0.0000270.

Failure to move through the pivot would bring the First Major Support Level at $0.0000242 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000024 levels. The Second Major Support Level sits at $0.0000236.

A move back through the pivot would bring resistance levels into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 200-day EMA at $0.0000240. This morning, the 50-day EMA narrowed to the 200-day EMA. The 100-day EMA also closed in on the 200-day EMA.

A bullish cross of the 50-day EMA through the 200-day EMA would bring $0.000026 levels into play.

A bullish cross of the 50-day EMA through the 200-day EMA would bring $0.000026 into play.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.