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SHIB and DOGE are Back in the Red Awaiting Twitter Crypto Wallet News

By:
Bob Mason

Following Saturday's pullback, DOGE and SHIB are back in the red this morning. Twitter crypto plans remain the key driver for the pair.

SHIB & DOGE - Tech Analysis - FX Empire

Key Insights:

  • It was a bearish Saturday session, with dogecoin (DOGE) seeing red for the third session from four.
  • The crypto news wires were silent on the Twitter (TWTR) and DOGE link, leaving investors to continue locking in profits from the week.
  • However, the technical indicators remained bullish, with DOGE investors still eying a return to $0.20.

On Saturday, dogecoin (DOGE) fell by 1.33%. Partially reversing a 2.85% gain from Friday, DOGE ended the day at $0.12444. Notably, DOGE avoided sub-$0.10 for the eighth consecutive session.

A bullish start to the day saw DOGE rise to an early high of $0.1358. DOGE broke through the First Major Resistance Level (R1) at $0.1317 before sliding to a final-hour low of $0.1200. However, steering clear of the First Major Support Level (S1) at $0.1180, DOGE found support to end the day at $0.1244.

Shiba inu coin (SHIB) slipped by 0.40% on Saturday. Partially reversing a 6.65% rally from Friday, SHIB ended the day at $0.00001246.

Tracking DOGE movements, SHIB rose to an early high of $0.00001318. Coming up short of the First Major Resistance Level (R1) at $0.00001357, SHIB slid to a final-hour low of $0.00001214. Steering clear of the First Major Support Level (S1) at $0.00001151, SHIB ended the session at $0.00001246.

It was a quiet day on the crypto news wires. A lack of updates from Elon Musk on plans for DOGE and SHIB left investors to look in profits from the week. Earlier this week, reports of Twitter hitting pause on crypto integration plans abruptly halted DOGE’s move towards $0.20.

However, Elon Musk has been busy making changes to the newly acquired Twitter (TWTR). On Saturday, Reuters reported Twitter updating its app in the App Store ‘to begin charging $8 for sought-after blue check verification marks.’

The $8 fee will raise expectations of Twitter accepting DOGE for payments.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.86% to $0.1234. A mixed start to the day saw DOGE rise to an early high of $0.1249 before falling to a low of $0.1221.

DOGE under pressure.
DOGEUSD 061122 Daily Chart

Technical Indicators

DOGE needs to move through the $0.1268 pivot to target the First Major Resistance Level (R1) at $0.1335 and the Saturday high of $0.1358. A return to $0.13 would signal a bullish day ahead. However, without any Elon Musk tweets, DOGE will sit in the hands of the broader crypto market.

In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.1426 and $0.15. The Third Major Resistance Level (R3) sits at $0.1584.

Failure to move through the pivot ($0.1268) would leave the First Major Support Level (S1) at $0.1177 in play. However, barring an extended sell-off, DOGE should avoid sub-$0.11. The Second Major Support Level (S2) at $0.1110 should limit the downside.

The Third Major Support Level (S3) sits at $0.0951.

DOGE support levels in play below the pivot.
DOGEUSD 061122 Hourly Chart

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.1188. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.

A DOGE hold above the 50-day EMA ($0.1188) would support a breakout from R1 ($0.1335) to target R2 ($0.1426) and $0.15. However, a fall through the 50-day EMA ($0.1188) would bring S1 ($0.1177) into view.

EMAs are bullish.
DOGEUSD 061122 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.96% to $0.00001234. A mixed start to the day saw SHIB rise to an early high of $0.00001251 before falling to a low of $0.00001232.

SHIB under pressure.
SHIBUSD 061122 Daily Chart

Technical Indicators

SHIB needs to move through the $0.00001259 pivot to target the First Major Resistance Level (R1) at $0.00001305 and the Saturday high of $0.00001318. A return to $0.000013 would signal a bullish afternoon session.

In case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00001363 and resistance at $0.000014. The Third Major Resistance Level (R3) sits at $0.00001467.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001201 in play. Barring an extended sell-off, SHIB should avoid sub-$0.00001150. The Second Major Support Level (S2) at $0.00001155 should limit the downside.

The Third Major Support Level (S3) sits at $0.00001051.

SHIB support levels in play below the pivot.
SHIBUSD 061122 Hourly Chart

The EMAs send a bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00001213. This morning, the 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

Avoiding the 50-day EMA ($0.00001213) would support a SHIB breakout from R1 ($0.00001305) to bring R2 (0.00001363) and $0.14 into view. However, a fall through the 50-day EMA ($0.00001213) would bring S1 ($0.00001201) and the 100-day EMA ($0.00001167) into view. The 200-day EMA sits at $0.00001136.

EMAs bullish.
SHIBUSD 061122 4 Hourly Chart

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.

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