DOGE Struggles Continue with a Return to $0.10 in Twitter’s Hands

Published: Nov 19, 2022, 01:51 UTC•4min read

Following a mixed Friday session, it has been a bearish start to the weekend for DOGE and SHIB, with Twitter and contagion risk key focal points.

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DOGE and SHIB - Tech analysis - FX Empire

Key Insights:

Dogecoin (DOGE) and shiba inu coin (SHIB) had mixed fortunes on Friday, with DOGE falling for a third consecutive session.
Elon Musk and Twitter news updates weighed on DOGE, while SHIB found support from the broader crypto market.
However the technical indicators remain bearish, with the EMAs signaling further downside.

On Friday, dogecoin (DOGE) fell by 0.12%. Following a 1.05% loss on Thursday, DOGE ended the day at $0.0846. Notably, DOGE fell short of $0.090 for the third time in four sessions.

A bullish start to the day saw DOGE rise to an early morning high of $0.0869. Coming up short of the First Major Resistance Level (R1) at $0.0871, DOGE slid to a late afternoon low of $0.0836. However, steering clear of the First Major Support Level (S1) at $0.0823, DOGE revisited $0.0847 before falling back into negative territory.

Shiba inu coin (SHIB) rose by 0.44% on Friday. Partially reversing a 0.88% loss from Thursday, SHIB ended the day at $0.00000909.

Tracking the broader market, SHIB rose to an early morning high of $0.00000924. SHIB broke through the First Major Resistance Level (R1) at $0.00000921 before falling to a late afternoon low of $0.00000897. However, steering clear of the First Major Support Level (S1) at $0.00000889, SHIB revisited $0.00000910 before easing back.

Twitter news and a lack of progress toward crypto integration continued to weigh on DOGE. News of mass resignations was also DOGE negative. Elon Musk recently warned staff that bankruptcy was not out of the question.

The mass resignations came in response to Elon Musk reportedly giving ultimatums to do extremely hardcore work or get out.

While the current news is DOGE negative, completing the restructuring would likely allow Twitter to resume the crypto integration project, which would be DOGE positive.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.47% to $0.0842. A bearish start to the day saw DOGE fall from an early high of $0.0848 to a low of $0.0841.

DOGEUSD 191122 Daily Chart

Technical Indicators

DOGE needs to move through the $0.0850 pivot to target the First Major Resistance Level (R1) at $0.0865 and the Friday high of $0.0869. A return to $0.0870 would signal a bullish afternoon session. However, the crypto news wires need to be crypto-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 $0.0883 and $0.0900. The Third Major Resistance Level (R3) sits at $0.0916.

Failure to move through the pivot ($0.0850) would leave the First Major Support Level (S1) at $0.0832 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0800. The Second Major Support Level (S2) at $0.0817 should limit the downside.

The Third Major Support Level (S3) sits at $0.0784.

DOGEUSD 191122 Hourly Chart

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0881. The 50-day EMA pulled back from the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bearish.

A move through R1 ($0.0865) would give the bulls a run at the 50-day EMA ($0.0881) and R2 ($0.0883). However, failure to move through the 50-day EMA would leave DOGE under pressure.

DOGEUSD 191122 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was flat at $0.00000909. A mixed start to the day saw SHIB fall to an early low of $0.00000907 before recovering.

SHIBUSD 191122 Daily Chart

Technical Indicators

SHIB needs to move through the $0.00000910 pivot to target the First Major Resistance Level (R1) at $0.00000923 and the Friday high of $0.00000924. A return to $0.00000925 would signal a bullish afternoon session. However, any further contagion news would test buyer appetite.

In case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000937 and resistance at $0.00000950. The Third Major Resistance Level (R3) sits at $0.00000964.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000896 in play. Barring another extended sell-off, SHIB should avoid sub-$0.00000885 and the Second Major Support Level (S2) at $0.00000883.

The Third Major Support Level (S3) sits at $0.00000856.

SHIB support levels in play below the pivot.

SHIBUSD 191122 Hourly Chart

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000946. This morning, the 50-day EMA slid 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 ($0.00000923) would give the bulls a run at R2 ($0.00000937) and the 50-day EMA ($0.00000946). However, failure to move through the 50-day EMA would leave SHIB under pressure.