DOGE and SHIB Price Action in the Hands of Twitter and Elon Musk News

Key Insights:

• It was a bearish Sunday session, with dogecoin (DOGE) seeing red for the fourth session from five.
• News of Twitter hitting pause on crypto integration plans continued to weigh, with bearish broader market sentiment adding to the downside.
• However, the technical indicators remained bullish, with DOGE investors needing a return to $0.15 to retarget $0.20.

On Sunday, dogecoin (DOGE) slid by 7.79%. Following a 1.33% loss on Saturday, DOGE ended the week down 2.54% to $0.1148. Notably, DOGE avoided sub-$0.10 for the ninth consecutive session.

After a range-bound morning, DOGE rose to an early afternoon high of $0.1277. Coming up short of the First Major Resistance Level (R1) at $0.1335, DOGE slid to a final-hour low of $0.1119. DOGE fell through the First Major Support Level (S1) at $0.1177. Finding support at the Second Major Support Level (S2) at $0.1110, DOGE ended the session at $0.1148.

Shiba inu coin (SHIB) fell by 4.98% on Sunday. Following a 0.40% loss on Saturday, SHIB ended the week down 0.67% to $0.00001184.

Tracking DOGE movements, SHIB rose to an early afternoon high of $0.00001290. Coming up short of the First Major Resistance Level (R1) at $0.00001305, SHIB slid to a final-hour low of $0.00001175. SHIB fell through the First Major Support Level (S1) at $0.00001201 to end the session at $0.00001184.

It was another quiet day on the crypto news wires. The lack of news left Twitter (TWTR) and Elon Musk in focus.

News of Twitter hitting pause on plans to build a crypto wallet to support the integration of DOGE and others was DOGE negative. Investor sentiment towards Elon Musk’s post-acquisition changes has also weighed on DOGE and SHIB.

Reports of advertisers jumping ship raise the prospect of sharp falls in revenue streams that could dampen the bullish expectation of DOGE adoption. It also remains to be seen how the new $8 fee for sought-after blue check verification marks will impact user numbers.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 2.39% to $0.1175. A mixed start to the day saw DOGE fall to an early low of $0.1142 before rising to a high of $0.1187.

Technical Indicators

DOGE needs to move through the $0.1181 pivot to target the First Major Resistance Level (R1) at $0.1243 and the Sunday high of $0.1277. A return to $0.12 would signal a bullish day ahead. However, without any Elon Musk tweets, DOGE will sit in the hands of the broader crypto market and Twitter updates.

In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.1339 and $0.1350. The Third Major Resistance Level (R3) sits at $0.1498.

Failure to move through the pivot ($0.1181) would leave the First Major Support Level (S1) at $0.1085 in play. However, barring an extended sell-off, DOGE should avoid sub-$0.1050 and the Second Major Support Level (S2) at $0.1023.

The Third Major Support Level (S3) sits at $0.0864.

The EMAs sent a bullish signal, with DOGE sitting above the 100-day EMA, currently at $0.1057. The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA. The price signals were mixed.

A DOGE move through the 50-day EMA ($0.1192) would support a breakout from R1 ($0.1243) to target R2 ($0.1339) and $0.14. However, a failure to move through the 50-day EMA ($0.1192) would bring S1 ($0.1085) and the 100-day EMA ($0.1057) into view.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.27% to $0.00001199. A mixed start to the day saw SHIB fall to an early low of $0.00001180 before rising to a high of $0.00001210.

Technical Indicators

SHIB needs to move through the $0.00001216 pivot to target the First Major Resistance Level (R1) at $0.00001258 and the Sunday high of $0.00001290. A return to $0.00001250 would signal a bullish afternoon session.

In case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00001331 and resistance at $0.00001350. The Third Major Resistance Level (R3) sits at $0.00001446.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001143 in play. Barring an extended sell-off, SHIB should avoid sub-$0.000011. The Second Major Support Level (S2) at $0.00001101 should limit the downside.

The Third Major Support Level (S3) sits at $0.00000986.

The EMAs send a bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00001175. This morning, the 50-day EMA flattened on the 100-day EMA, while the 100-day EMA pulled away from the 200-day EMA. The signals were bullish.

A move through the 50-day EMA ($0.00001217) would support a SHIB breakout from R1 ($0.00001258) to bring R2 (0.00001331) and $0.00001350 into view. However, a fall through the 100-day EMA ($0.00001175) would bring S1 ($0.00001143) and the 200-day EMA ($0.00001142) into view.