SHIB Eyes Sub-$0.0000090 as Fed Chatter Continues to Instill Fed Fear

Key Insights:

  • Dogecoin (DOGE) fell by 4.40% on Monday, with shiba inu (SHIB) sliding by 7.34% to kick off the week in a bearish fashion.
  • News of Russian missile strikes on cities in Ukraine and hawkish Fed chatter fueled market angst over the global economic outlook.
  • The technical indicators are bearish, with crypto headwinds, including the war in Ukraine and the Fed driving economic uncertainty.

On Monday, dogecoin (DOGE) fell by 4.40%. Reversing a 0.78% gain from Sunday, DOGE ended the day at $0.05938.

A bullish start to the day saw DOGE rise to an early high of $0.06251. Coming up short of the First Major Resistance Level (R1) at $0.0626, DOGE slid to a late low of $0.05916. DOGE fell through the Major Support Levels to end the day at sub-$0.0594.

Shiba inu coin (SHIB) slid by 7.34% on Monday. Reversing a 0.27% gain from Sunday, SHIB ended the day at $0.00001023.

Tracking the broader crypto market, SHIB rose to an early high of $0.00001112. Coming up against the First Major Resistance Level (R1) at $0.00001111, SHIB tumbled to a late low of $0.00000995. SHIB fell through the Major Support Levels to visit sub-$0.000010 for the first time since September 18. A return to $0.00001023 reduced the deficit, however.

Network news and market sentiment toward Elon Musk’s Twitter (TWTR) buyout took a backseat. The Russian missile attack on cities in Ukraine during rush hour set the tone ahead of hawkish FOMC member chatter later in the day. The ongoing war in Ukraine and the Fed’s policy goals paint a grim picture of the global economy.

Investor angst was evident across the crypto market, which tumbled by $18.3 billion to $887.2 billion.

SHIB DOGE – Crypto Market Daily Chart 111022

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.76% to $0.05893. A bearish start to the day saw DOGE fall from an early high of $0.05938 to a low of $0.05749. DOGE briefly fell through the First Major Support Level (S1) at $0.0582.

DOGEUSD 111022 Daily Chart

Technical Indicators

DOGE needs to move through the $0.0603 pivot to target the First Major Resistance Level (R1) at $0.0615 and the Monday high of $0.06251. However, a lack of US economic indicators leaves DOGE in the hands of FOMC member chatter and updates from Ukraine.

In the case of another extended crypto market rebound, DOGE should test resistance at $0.0630 but fall short of the Second Major Resistance Level (R2) at $0.0637. The Third Major Resistance Level (R3) sits at $0.0670.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0582 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0570. The Second Major Support Level (S2) at $0.0570 should limit the downside.

The Third Major Support Level (S2) sits at $0.0537.

DOGEUSD 111022 Hourly Chart

The EMAs sent a bearish signal, with DOGE sitting below the 100-day EMA, currently at $0.06178. Today, the 50-day EMA closed in on the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bearish signals.

A bearish cross of the 50-day EMA through the 100-day EMA would support a slide through S1 ($0.0582) to bring S2 ($0.0570) into view. However, a move through R1 ($0.0615) would give the bulls a run at the 100-day EMA (0.061780) and the 50-day EMA ($0.061877).

DOGEUSD 111022 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.68% to $0.00001016. A bearish start to the day saw SHIB fall from an early high of $0.00001023 to a low of $0.00000971.

SHIB fell through the First Major Support Level (S1) at $0.00000975 before a return to $0.000010.

SHIBUSD 111022 Daily Chart

Technical Indicators

SHIB needs to move through the $0.00001043 pivot to target the First Major Resistance Level (R1) at $0.00001092 and the Monday high of $0.00001112. Crypto-friendly FOMC member chatter would support a breakout from the morning high of $0.00001023.

A broad-based crypto rally would see SHIB test the Second Major Resistance Level (R2) at $0.00001160. The Third Major Resistance Level (R3) sits at $0.00001277.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000975 in play. Barring an extended sell-off, SHIB should avoid sub-$0.0000090. The Second Major Support Level (S2) at $0.00000926 should limit the downside.

The Third Major Support Level (S3) sits at $0.00000809.

SHIBUSD 111022 Hourly Chart

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00001104. This morning, the 50-day EMA slid back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00001092) would give the bulls a run at the 50-day EMA ($0.00001104) to target the 100-day EMA ($0.00001117) and R2 ($0.00001160). However, failure to move through the 50-day EMA ($0.00001104) would leave the support levels in play.

SHIBUSD 111022 4 Hourly Chart

This news is republished from another source. You can check the original article here.

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