SHIB and DOGE Gain as Risk Appetite Returns to the Global Markets

Key Insights:

• It was a bullish Tuesday for DOGE and SHIB.
• The pair made solid gains, supported by demand for riskier assets.
• Key technical indicators are bullish, with DOGE and SHIB testing resistance at their 200-day EMAs.

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

After ending the day flat on Monday, DOGE rose by 3.10% to end the day at $0.1230. SHIB reversed a 0.61% decline on Monday, with a 3.01% rise to end the day at $0.00002365.

Market Risk Sentiment Delivers Solid Gains

On Tuesday, appetite for riskier assets drove demand for SHIB, DOGE, and the broader crypto market.

Following solid gains across the European equity markets, the NASDAQ 100 rallied by 1.95%, with the Dow and the S&P500 also finding support.

For SHIB and DOGE, the gains came despite the recent downward trend in coin holders.

Elsewhere, ADA rallied by 6.21%, with BNB (+2.07%), ETH (+2.75%), and SOL (+2.09%) also making solid gains.

AVAX (-2.61%), LUNA (-3.47%), and XRP (-0.07%) bucked the broader market trend on the day.

DOGE Price Action

At the time of writing, DOGE was down 0.65% to $0.1222.

Technical Indicators

DOGE will need to move through the day’s $0.1225 pivot to make a run on the First Major Resistance Level at $0.1262. DOGE would need the broader crypto market to support a breakout from Tuesday’s high of $0.1257.

An extended rally would test the Second Major Resistance Level at $0.1295 and resistance at $0.13. The Third Major Resistance Level sits at $0.1365.

Failure to move through the pivot would test the First Major Support Level at $0.1192. Barring an extended sell-off, DOGE should steer clear of sub-$0.1180 levels. The Second Major Support Level sits at $0.1155.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 100-day EMA, currently at $0.1201. This morning, the 50-day EMA closed in on the 100-day and the 200-day. The 100-day EMA narrowed on the 200-day EMA, also positive.

A move through the 200-day EMA at $0.1253 would support another run at $0.13.

SHIB Price Action

At the time of writing, SHIB was down by 0.89% to $0.00002344.

Technical Indicators

SHIB will need to move through the day’s $0.0000235 pivot to make a run on the First Major Resistance Level at $0.0000242. SHIB would need the broader crypto market to move through Tuesday’s high of $0.00002407.

An extended rally would test the Second Major Resistance Level at $0.0000247 and resistance at $0.000025. The Third Major Resistance Level sits at $0.0000259.

Failure to move through the pivot would bring the First Major Support Level at $0.0000230 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000022 levels. The Second Major Support Level at $0.0000224 should limit the downside.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits well above the 100-day EMA at $0.0000232. This morning, the 50-day EMA narrowed to the 100-day EMA, providing support. The 100-day EMA was flat on the 200-day EMA, however.

A move back through the 200-day EMA, currently at $0.0000240, would bring $0.000025 levels into play.