SHIB and DOGE Trail the Crypto Market Front Runners
Key Insights:
- It was a bullish Friday session for DOGE and SHIB, with DOGE rising for the third time in 9 sessions.
- DOGE and SHIB continued to trail the front runners, with ApeCoin and Avalanche stealing the show.
- Despite DOGE and SHIB holding above their 50-day EMAs, key technical indicators remain bearish.
Friday was a bullish day for DOGE and SHIB, though the crypto market focus remained on the DeFi space and ApeCoin (APE).
Reversing a 0.60% loss from Thursday, DOGE rose by 1.80% to end the day at $0.1185. SHIB partially reversed Thursday’s 2.33% loss with a 0.27% gain to end the day at $0.00002224.
DeFi and Bored Ape Continued to Side-line DOGE and SHIB
Avalanche (AVAX) and ApeCoin (APE) continued their upward trends as risk appetite improved late in the week.
Having trended on Thursday, ApeCoin (APE) and PancakeSwap (CAKE) were still trending on Friday, with APE on another breakout session.
For Avalanche, layer-1 protocols continued to draw interest away from the meme coins.
DOGE Price Action
At the time of writing, DOGE was up 0.51% to $0.1191.
Technical Indicators
DOGE will need to avoid the day’s $0.1174 pivot to make a run on the First Major Resistance Level at $0.1205. DOGE would need the broader crypto market to support a move back through to $0.12 levels.
An extended rally would test the Second Major Resistance Level at $0.1225. The Third Major Resistance Level sits at $0.1276.
A fall through the pivot would test the First Major Support Level at $0.1154. Barring an extended sell-off, DOGE should steer clear of sub-$0.114 levels. The Second Major Support Level sits at $0.1123.
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 $0.1194, while holding above the 50-day EMA.
This morning, the 50-day EMA narrowed to the 100-day and the 200-day EMAs, delivering support. The 100-day EMA flattened on the 200-day EMA, also positive.
A move through the 100-day EMA would support a return to $0.12.
SHIB Price Action
At the time of writing, SHIB was up by 0.31% to $0.00002231.
Technical Indicators
SHIB will need to avoid the day’s $0.0000222 pivot to make a run on the First Major Resistance Level at $0.0000227. SHIB would need the broader crypto market to break out from $0.0000225 levels.
An extended rally would test the Second Major Resistance Level at $0.0000232 and resistance at $0.0000235. The Third Major Resistance Level sits at $0.0000243.
A fall through the pivot would bring the First Major Support Level at $0.0000217 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000021 levels. The Second Major Support Level at $0.0000212 should limit the downside.
Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits at the 50-day EMA at $0.0000223 following a late Friday pullback.
This morning, the 50-day EMA narrowed to the 100-day EMA, providing support. However, the 100-day EMA pulled back from the 200-day EMA, a negative signal.
A fall through the 50-day EMA would bring the Major Support Levels into play.
