SHIB and DOGE Follow the Broader Crypto Market Into the Red

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Updated: Mar 21, 2022, 08:29 UTC

Following a bearish Sunday, DOGE and SHIB will need to move through the day's pivot levels to avoid another day in the red.

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Key Insights:

It was a bearish end to the week for DOGE and SHIB.
After leading the way on Saturday, SHIB was among the worst performers on Sunday.
Key technical indicators are bearish, with DOGE and SHIB struggling at their 100-day EMAs.

It was a bearish day for DOGE and SHIB on Sunday. Bearish sentiment across the crypto market delivered downside on the day.

Reversing a 3.78% rally from Saturday, DOGE fell by 3.56% to end the day at $0.1193. SHIB partially reversed an 8.20% jump from Saturday, with a 4.35% loss to end the day at $0.0000231.

SHIB News and Market Risk Sentiment Delivers Solid Gains

Following news of the SHIB community burning 189.7 million Shiba Inu on Saturday, news updates were more bearish on Sunday.

News of SHIB holders falling by 32,832 was SHIB negative. According to the report, SHIB holders had risen in recent months before a decline on March 17.

The negative news, coupled with waning investor appetite, left the pair down on the day.

AVAX (-5.55%) and SOL (-4.05%) also saw heavy losses. ApeCoin (APE) led the way down, tumbling by 17.88%.

DOGE Price Action

At the time of writing, DOGE was up 0.25% to $0.1196.

DOGE would need to return to $0.13 levels to shift sentiment.

Technical Indicators

DOGE will need to move through the day’s $0.1203 pivot to make a run on the First Major Resistance Level at $0.1231. DOGE would need the broader crypto market to support a breakout from $0.1220 levels.

An extended rally would test the Second Major Resistance Level at $0.1269. The Third Major Resistance Level sits at $0.1335.

Failure to move through the pivot would test the First Major Support Level at $0.1165. Barring an extended sell-off, DOGE should steer clear of sub-$0.1150 levels. The Second Major Support Level sits at $0.1137.

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 bearish signal. DOGE sits below the 100-day EMA, currently at $0.1197.

This morning, the 50-day EMA flattened on the 100-day and the 200-day. The 100-day EMA pulled back from the 200-day EMA, also negative.

A move back through the 100-day EMA would support another run at $0.13.

A move back through the 100-day EMA would provide support.

SHIB Price Action

At the time of writing, SHIB was up by 0.61% to $0.00002324.

Failure to move through the March high of $0.00002859 will leave SHIB under pressure.

Technical Indicators

SHIB will need to move through the day’s $0.0000234 pivot to make a run on the First Major Resistance Level at $0.0000242. SHIB would need the broader crypto market to move to $0.000024 levels.

An extended rally would test the Second Major Resistance Level at $0.0000253. The Third Major Resistance Level sits at $0.0000272.

Failure to move through the pivot would bring the First Major Support Level at $0.0000223 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000021 levels. The Second Major Support Level at $0.0000215 should limit the downside.

A move through the pivot would be needed to avoid another day in the red.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits on the 100-day EMA at $0.0000231 following Sunday’s loss.

This morning, the 50-day EMA narrowed to the 100-day EMA, providing support. The 100-day EMA flattened on the 200-day EMA, a bearish signal.

Holding above the 100-day EMA would bring the Major Resistance Levels into play.

A fall through the 100-day EMA would bring support levels 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.