- Dogecoin (DOGE) and Shiba Inu Coin (SHIB) bucked the broader market trend on Sunday. Both saw red, while the broader crypto market made gains.
- Meme coins were out of favor as crypto investors focused on network upgrades.
- Technical indicators are mixed, with SHIB’s EMAs pointing to a possible breakout that could support a SHIB move to the #11 spot by market cap.
On Sunday, Dogecoin (DOGE) fell by 1.53%. Reversing a 1.32% gain from Saturday, DOGE ended the week up 0.78% to $0.06373.
A mixed session saw DOGE rise to an early high of $0.06532 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $0.06590, DOGE slid to a late low of $0.06264. DOGE fell through the First Major Support Level (S1) at $0.0634 before a partial recovery to $0.06373.
Partially reversing a 2.79% rise from Saturday, Shiba Inu Coin (SHIB) fell by 1.96% to end the week up 1.25% to $0.00001301.
A choppy morning saw SHIB strike an early high of $0.0000135 before hitting reverse. Falling short of the First Major Resistance Level (R1) at $0.000137, SHIB slid to a mid-morning low of $0.00001252. SHIB fell through the First Major Support Level (S1) at $0.0000128 before a partial recovery to $0.00001301.
For DOGE and SHIB, Elon Musk’s absence is being felt, with neither benefitting from tweet-driven breakout sessions.
The lack of support has left DOGE and SHIB on the back foot, with investors focusing on the Merge, the Vasil hard fork, and other network updates. While Musk remains silent due to the ongoing $258 billion lawsuit, the crypto market is projecting SHIB to leapfrog DOGE to the #11 spot by market cap.
Despite the crypto winter, a report from WhaleStats shows the top 500 ethereum (ETH) whales holding $158.5 million equivalent in SHIB. Also bullish is the upward trend in SHIB holders. The number of SHIB holders reportedly hit an all-time high of 1,220,431 on Sunday.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was up 1.00% to $0.00001314.
A mixed start to the day saw SHIB rise to an early high of $0.00001321 before falling to a low of $0.00001274. Avoiding the Major Support Levels, SHIB bounced back to $0.00001314.
SHIB needs to avoid the $0.0000130 pivot to target the First Major Resistance Level (R1) at $0.0000135 and the Sunday high of $0.0000135.
SHIB would need a pickup in market risk appetite to support a breakout from the morning high of $0.00001321. Today, US consumer inflation expectations could influence. A higher number may test investor appetite for riskier assets, though we are unlikely to see bets of a percentage point rate hike.
In the case of a broad-based crypto rally, SHIB should test the Second Major Resistance Level (R2) at $0.0000140. The Third Major Resistance Level (R3) sits at $0.0000150.
A fall through the pivot would bring the First Major Support Level (S1) at $0.0000125 into play. Barring an extended sell-off, SHIB should avoid sub-$0.0000120. The Second Major Support Level (S2) at $0.0000120 should limit the downside.
The Third Major Support Level (S3) sits at $0.0000111.
The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001269. After Sunday’s bullish crosses, the 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA to deliver bullish signals.
A SHIB hold above the 50-day EMA ($0.00001271) would support a run R1 ($0.0000135) to bring R2 ($0.0000140) into view. However, a fall through the EMA’s would bring S1 ($0.0000125) into play.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was down 0.07% to $0.06368. A mixed start to the day saw DOGE rise to an early high of $0.06456 before falling to a low of $0.06263.
DOGE needs to move through the $0.0639 pivot to target the First Major Resistance Level (R1) at $0.0652 and the Sunday high of $0.06532.
Bullish sentiment across the global financial markets would support a breakout from the morning high of $0.06456. With investor focus returning to US inflation, the NASDAQ 100 will likely be the key driver today.
In an extended crypto rally, DOGE should test the Second Major Resistance Level (R2) at $0.0666. The Third Major Resistance Level (R3) sits at $0.0693.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0625 in play. Barring another extended sell-off, DOGE should avoid sub-$0.0600. The Second Major Support Level (S2) at $0.0612 should limit the downside. The Third Major Support Level (S3) sits at $0.0585.
The EMAs sent a mixed signal, with DOGE sitting above the 100-day EMA, currently at $0.06367. Today, the 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA eased back from the 200-day EMA, delivering mixed signals.
DOGE needs to break out from the 100-day EMA ($0.06367) and R1 ($0.0652) to target the 200-day EMA ($0.06549) and R2 ($0.0666). However, a fall through the 100-day EMA ($0.06367) would bring the 50-day EMA ($0.06289) and S1 ($0.0625) into play.
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