DOGE and SHIB Track the Broader Crypto Market into the Red

Key Insights:

• It was a bearish session for DOGE and SHIB on Friday.
• Broader crypto market sentiment weighed on the pair going into the weekend.
• Key technical indicators remain bullish, with DOGE and SHIB holding above their 200-day EMAs.

It was a bearish day for DOGE and SHIB on Friday. Bearish sentiment across the broader crypto market weighed.

Partially reversing a 5.31% rally from Thursday, DOGE slid by 4.31% to end the day at $0.1309. SHIB reversed a 1.19% gain from Thursday, with a 2.27% loss to end the day at $0.00002412.

Elsewhere, AVAX slid by 4.58%, with ADA (-3.01%), LUNA (-3.53%), SOL (-3.69%), and XRP (-2.11%) also struggling. BNB (-0.89%) and ETH (-0.27%) saw modest losses.

Crypto Market Risk Sentiment Weighs

For DOGE, it was the first loss in five sessions. Mid-week, news of Bitcoin of America adding Dogecoin to its Bitcoin ATMs (BTMs) provided support.

With technical indicators to continuing to send bullish signals, Friday’s loss likely stemmed from profit-taking.

Market sentiment towards inflation and Fed monetary policy remains a factor to consider, however. In recent months, we have seen a crypto correlation with the NASDAQ 100 and FED monetary policy. A more aggressive Fed rate path could test investor resilience in the coming months.

With the prospect of a sharp rise in U.S interest rates, profit-taking could cap the upside for the crypto majors in the near term.

DOGE Price Action

At the time of writing, DOGE was up 0.53% to $0.1316.

Technical Indicators

DOGE will need to move through the day’s $0.1322 pivot to make a run on the First Major Resistance Level at $0.1364. DOGE would need the broader crypto market to support a breakout from $0.1350.

An extended rally would test the Second Major Resistance Level at $0.1418. The Third Major Resistance Level sits at $0.1514.

Failure to move through the pivot would test the First Major Support Level at $0.1268. Barring an extended sell-off, DOGE should steer clear of sub-$0.1250 levels. The Second Major Support Level sits at $0.1226.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 200-day EMA, currently at $0.1263. The 50-day EMA converged on the 200-day EMA. The 100-day EMA also closed in on the 200-day EMA; DOGE positive.

A bullish cross of the 50-day EMA through the 200-day EMA would support a return to $0.14.

SHIB Price Action

At the time of writing, SHIB was up by 0.79% to $0.00002431.

Technical Indicators

SHIB will need to move through the day’s $0.0000244 pivot to make a run on the First Major Resistance Level at $0.0000252. SHIB would need the broader crypto market to move through to $0.0000250 levels.

An extended rally would test the Second Major Resistance Level at $0.0000262. The Third Major Resistance Level sits at $0.0000280.

Failure to move through the pivot would bring the First Major Support Level at $0.0000233 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000023 levels. The Second Major Support Level sits at $0.0000225.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 200-day EMA at $0.0000240. This morning, the 50-day EMA narrowed to the 200-day EMA. The 100-day EMA also closed in on the 200-day EMA.

A bullish cross of the 50-day EMA through the 200-day EMA would bring $0.000026 levels into play.