SHIB Falls and DOGE Goes Sideways in a Mixed Crypto Session
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.
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.
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.
SHIB Price Action
At the time of writing, SHIB was up by 0.04% to $0.00002228.
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.
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.