SHIB Tests Resistance at $0.000030 Before Easing Back

Key Insights:

• It was a mixed session for DOGE and SHIB on Monday, with DOGE seeing red.
• SHIB’s inclusion on Netcoins, increased SHIB adoption, and latest burn figures delivered SHIB support.
• Key technical indicators are bullish, with DOGE and SHIB holding above their 50-day EMAs.

It was a mixed day for DOGE and SHIB on Monday. Bullish sentiment across the broader crypto market and a Bitcoin move back towards $50,000 delivered support before a final hour sell-off.

Partially reversing a 6.39% rally on Sunday, DOGE declined by 1.66% on Monday to end the day at $0.1424. SHIB followed a 4.80% gain, with a 3.72% rise to end the day at $0.00002652.

It was a particularly bullish start to the week for SHIB, with news updates delivering the breakout session.

A bearish end to the day saw DOGE give up gains from the day. SHIB had been up by as much as 15.7% before falling back to $0.0000265 levels.

Elsewhere, LUNA rallied by 3.05%, with ETH (+1.16%) and XRP (+0.70%) also finding support.

ADA (-1.35%), AVAX (-0.57%), BNB (-0.16%), and SOL (-1.17%) ended the day in the red.

News Updates Deliver SHIB Support

On Thursday, news of Netcoins including new digital assets SHIB and DOGE delivered price support. SHIB found further support on reports of English fashion brand John Richmond accepting and burning SHIB.

Over the weekend, John Richmond announced on Twitter,

“9% $SHIB & 1% $Leash will be burned for every purchase through @NOWPayments_io.”

More Partnershibs? Here we are coming in hot!

We are proud to accept and burn $SHIB and $LEASH for our online shop at @Johmrichmond.

9% $Shib & 1% $Leash will be burned for every purchase through @NOWPayments_io #LegendsLiveForever #JohnRichmond #ShibaJohnRichmond #SHIBARMY pic.twitter.com/pJFxDhuCeO

— John Richmond (@JRichmondstyle) March 26, 2022

There were also updates from the Shibburn, which took to Twitter, announcing 7,703,474 $SHIB tokens burned and six transactions on Monday.

In the past 24 hours, there have been a total of 7,703,474 $SHIB tokens burned and 6 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) March 28, 2022

DOGE Price Action

At the time of writing, DOGE was up 0.14% to $0.1426. A bullish start to the day saw DOGE rise to an early morning high of $0.1439 before easing back.

Technical Indicators

DOGE will need to move through the day’s $0.1463 pivot to make a run on the First Major Resistance Level at $0.1497. DOGE would need the broader crypto market to support a move back through $0.1480 levels.

An extended rally would test the Second Major Resistance Level at $0.1569. The Third Major Resistance Level sits at $0.1675.

Failure to move through the pivot would test the First Major Support Level at $0.1391. Barring an extended sell-off, DOGE should steer clear of sub-$0.1380 levels. The Second Major Support Level sits at $0.1357.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 50-day EMA, currently at $0.1347. The 50-day EMA pulled away from the 200-day EMA. The 100-day EMA also pulled away from the 200-day EMA after the overnight bullish cross; DOGE positive.

A continued hold above the 50-day EMA would support a return to $0.16.

SHIB Price Action

At the time of writing, SHIB was up by 1.51% to $0.00002692. A bullish start to the day saw SHIB rise to an early morning high of $0.00002694.

Technical Indicators

SHIB will need to move through the day’s $0.0000271 pivot to make a run on the First Major Resistance Level at $0.0000290. SHIB would need the broader crypto market to return to $0.000028 levels.

An extended rally would test resistance at $0.0000300 and the Second Major Resistance Level at $0.0000315. The Third Major Resistance Level sits at $0.0000358.

Failure to move through the pivot would bring the First Major Support Level at $0.0000247 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000024 levels. The Second Major Support Level sits at $0.0000228.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 50-day EMA at $0.0000248 after Monday’s bullish cross. This morning, the 50-day EMA pulled away from the 200-day EMA. The 100-day EMA also closed in on the 200-day EMA.

A bullish cross of the 100-day EMA through the 200-day EMA would bring $0.000030 levels into play.