SHIB Falls and DOGE Goes Sideways in a Mixed Crypto Session

By:

Updated: Mar 21, 2022, 07:36 UTC

After a mixed session on Thursday, DOGE and SHIB will need to move through the day's pivot levels to target key resistance levels.

Shiba,Inu,And,Dogecoin,Virtual,Currency,Visuals,On,An,Abstract

Key Insights:

It was a mixed Thursday session for DOGE and SHIB, with SHIB ending the day in the red.
DeFi stole the show on the day, leaving DOGE and SHIB on the side-lines.
Key technical indicators remain bearish, with SHIB falling below the 50-day EMAs.

It was a mixed day for DOGE and SHIB on Thursday. Crypto market focus shifted to the DeFi space, leaving DOGE and SHIB on the side-lines for the day.

Following a 3.20% gain on Wednesday, DOGE ended the day flat at $0.1171. SHIB partially reversed Wednesday’s 4.12% rally with a 1.94% loss to end the day at $0.00002227.

DeFi Explosion and Bored Ape Side-lined DOGE and SHIB for the Day

Avalanche (AVAX) and PancakeSwaps’s CAKE drew crypto investor interest. New DeFi news for both protocols drove demand, with ApeCoin’s (APE) listing also a key market event.

While SHIB has recently been a top trending coin, ApeCoin and PancakeSwap stole the limelight on Thursday.

DOGE Price Action

At the time of writing, DOGE was down by 0.26% to $0.1168.

A return to $0.12 levels is needed to avoid a fall back to current year lows.

Technical Indicators

DOGE will need to move through the day’s $0.1174 pivot to make a run on the First Major Resistance Level at $0.1189 and test resistance at Thursday’s high of $0.1192. DOGE would need the broader crypto market to support a move back through to $0.1180 levels.

An extended rally would test the Second Major Resistance Level at $0.1206. The Third Major Resistance Level sits at $0.1238.

Failure to move through the pivot would bring the First Major Support Level at $0.1157 into play. Barring an extended sell-off, DOGE should steer clear of sub-$0.115 levels. The Second Major Support Level sits at $0.1142.

A move through the pivot would be needed to take a run at the major resistance levels.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. DOGE remains below the 100-day EMA, currently at $0.1197, while testing support at the 50-day EMA at $0.1163.

This morning, the 50-day EMA narrowed to the 100-day and the 200-day EMAs. The 100-day EMA pulled back from the 200-day EMA to test support.

Avoiding a fall through the 50-day EMA would support a run at $0.12.

Avoiding a fall through the 50-day would support a bullish move.

SHIB Price Action

At the time of writing, SHIB was up by 0.04% to $0.00002228.

A breakout from the current trend is needed to avoid a larger pullback.

Technical Indicators

SHIB will need to move through the day’s $0.0000224 pivot to make a run on the First Major Resistance Level at $0.0000227 and Thursday’s high of $0.00002282. SHIB would need the broader crypto market to break out from $0.0000227 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 $0.0000239.

Failure to move through the pivot would bring the First Major Support Level at $0.0000219 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000020 levels. The Second Major Support Level at $0.0000216 should limit the downside.

A move through the pivot key to avoiding another decline.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits below the 50-day EMA at $0.0000224 following Thursday’s pullback.

This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also pulled back from the 200-day EMA, another negative signal.

A move back through the 50-day EMA would support a run at $0.000023 levels.

Signal becomes bearish with SHIB back below the 50-day EMA

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.