DOGE and SHIB Tread Water as Russia Continues to Bomb Ukraine

Key Insights:

• It was a mixed day for DOGE and SHIB on Saturday, with DOGE seeing red for a third consecutive day.
• Russia’s continued bombing of Ukraine left DOGE and SHIB in range-bound moves.
• Key technical indicators continue to flash red, with DOGE and SHIB remaining below the 50-day EMAs.

It was a mixed day for DOGE and SHIB on Saturday. With the global equity markets closed and Russia continuing its bombing campaign, it was a relatively range-bound session.

Following a 1.20% loss on Friday, DOGE fell by 0.43% to end the day at $0.1149. SHIB partially reversed Friday’s 2.56% decline with a 0.41% gain to end the day at $0.00002214.

News Updates on Russia’s Invasion of Ukraine Weighed

News updates remained negative for riskier assets on Saturday. Russia continued bombing Ukraine going into the weekend. There were also no reports of progress at the negotiating table to bring the hope of an end to Russia’s invasion.

DOGE Price Action

At the time of writing, DOGE was up by 0.17% to $0.1151.

Technical Indicators

DOGE will need to move through the day’s $0.1156 pivot to make a run on the First Major Resistance Level at $0.1166. DOGE would need the broader crypto market to support a move back through to $0.1160 levels.

An extended rally would test the Second Major Resistance Level at $0.1182 and resistance at $0.12. The Third Major Resistance Level sits at $0.1208.

Failure to move through the pivot would bring the First Major Support Level at $0.1140 into play. Barring an extended sell-off, DOGE should steer clear of sub-$0.1140. The Second Major Support Level sits at $0.1130.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. DOGE remains below the 50-day EMA, currently at $0.1197. This morning, the 50-day EMA has fallen back from the 100-day and the 200-day EMAs. The 100-day EMA has pulled back from the 200-day EMA, another bearish signal.

A move through the 50-day EMA would support a run at $0.12.

SHIB Price Action

At the time of writing, SHIB was flat at $0.00002214.

Technical Indicators

SHIB will need to move through the day’s $0.00002230 pivot to make a run on the First Major Resistance Level at $0.0000225. SHIB would need the broader crypto market to support a breakout from $0.0000222.

An extended rally would test the Second Major Resistance Level at $0.0000229 and resistance at $0.000023. The Third Major Resistance Level sits at $0.0000235.

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 the Second Major Support Level at $0.0000217.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB currently sits below the 50-day EMA at $0.0000232.

This morning, the 50-day EMA has pulled back from the 100-day EMA. The 100-day EMA has also pulled back from the 200-day EMA, another bearish signal.

A move through the 50-day EMA would support a run at $0.000023 levels.