DOGE and SHIB Tumble as the Markets React to Russia Rush Hour Attacks

Key Insights:

• Dogecoin (DOGE) rose by 0.78% on Sunday, with SHIB gaining 0.27% as the markets took a breather ahead of another pivotal week.
• However, this morning’s news of Russian strikes on civilian targets during rush hour sent riskier assets deep into negative territory.
• The technical indicators are bearish, with crypto headwinds, including the war in Ukraine, the Fed, and economic uncertainty.

On Sunday, dogecoin (DOGE) rose by 0.78% to end a four-day losing streak. Partially reversing a 1.17% loss from Saturday, DOGE ended the week by 4.77% to $0.06212.

A bearish start to the day saw DOGE fall to an early morning low of $0.06117. Steering clear of the First Major Support Level (S1) at $0.0610, DOGE rose to a late high of $0.06234. DOGE came within range of the First Major Resistance Level (R1) at $0.0625 before easing back.

Shiba Inu Coin (SHIB) rose by 0.27% on Sunday. Partially reversing a 0.90% decline from Saturday, SHIB ended the week up 0.82% to $0.00001104.

A choppy start to the day saw SHIB fall to an early low of $0.00001096. Steering clear of the First Major Support Level (S1) at $0.00001080, SHIB rose to a mid-day high of $0.00001110. However, falling short of the First Major Resistance Level (R1) at $0.00001120, SHIB eased back to end the day at $0.00001104.

There were no crypto events to provide direction, leaving DOGE and SHIB in the hands of the broader market sentiment. Investors dusted themselves off after a four-session reversal before looking ahead to US inflation figures due on Thursday.

However, news of Russia striking cities across Ukraine during rush hour sent the crypto market into the deep red.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 2.11% to $0.06080. A mixed start to the day saw DOGE rise to an early high of $0.06250 before sliding to a low of $0.06006.

DOGE fell through the First Major Support Level (S1) at $0.0614 and the Second Major Support Level (S2) at $0.0607 before a return to $0.0608.

Technical Indicators

DOGE needs to move through S1 and the $0.0619 pivot to target the First Major Resistance Level (R1) at $0.0626. However, a lack of US economic indicators leaves DOGE in the hands of geopolitics and FOMC member chatter, which remain crypto headwinds.

In the case of another extended crypto market rebound, DOGE should test the Second Major Resistance Level (R2) at $0.0631 before any pullback. The Third Major Resistance Level (R3) sits at $0.0644.

Failure to move through S1 and the pivot would leave the Second Major Support Level (S2) at $0.0607 in play. However, barring an extended sell-off, DOGE should avoid sub-$0.0600 and the Third Major Support Level (S2) at $0.0594.

The EMAs sent a bearish signal, with DOGE sitting below the 100-day EMA, currently at $0.06194. Today, the 50-day EMA crossed through the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA, delivering bearish signals.

A bullish cross of the 50-day EMA through the 200-day EMA would support a run at R1 ($0.0626). However, failure to move through the 100-day EMA ($0.06194) would leave support levels in play.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 1.54% to $0.00001087. A mixed start to the day saw SHIB rise to an early high of $0.00001112 before falling to a low of $0.00001075.

SHIB fell through the First Major Support Level (S1) at $0.00001097 and the Second Major Support Level (S2) at $0.00001089. The Third Major Support Level (S3) at $0.00001075 limited the downside.

Technical Indicators

SHIB needs to move through S2, S1, and the $0.00001103 pivot to target the First Major Resistance Level (R1) at $0.00001111. Crypto-friendly FOMC member chatter would support a breakout from the morning high of $0.00001112.

A broad-based crypto rally would see SHIB test the Second Major Resistance Level (R2) at $0.00001117. The Third Major Resistance Level (R3) sits at $0.00001131.

Failure to move through S2, S1, and the pivot would leave the Third Major Support Level (S3) at $0.00001075 in play. Barring an extended sell-off, SHIB should avoid sub-$0.00001070.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00001114. This morning, the 50-day EMA fell back from the 100-day EMA, with the 100-day EMA sliding back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00001111) and the 50-day EMA ($0.00001114) would give the bulls a run at R2 ($0.00001117) and the 100-day EMA ($0.00001123). However, failure to move through the 50-day EMA ($0.00001114) would leave S3 ($0.00001075) in play.