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.
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.
