DOGE Bears Target Sub-$0.0700 on Twitter and Elon Musk Silence

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in negative territory on Tuesday.
• There were no crypto events to draw interest, leaving a bearish NASDAQ Index to weigh.
• The technical indicators remain bearish, signaling further losses.

On Tuesday, dogecoin (DOGE) slid by 2.90%. Following a 0.39% loss on Monday, DOGE ended the day at $0.0736. Notably, DOGE ended the session at sub-$0.0750 for the first time in six sessions.

A bullish start to the day saw DOGE rise to an early morning high of $0.0761. Coming up short of the First Major Resistance Level (R1) at $0.0769, DOGE slid to an early evening low of $0.0725. DOGE fell through First Major Support Level (S1) at $0.0745 and briefly through the Second Major Support Level (S2) at $0.0731 before ending the day at $0.736.

Shiba inu coin (SHIB) fell by 1.68% on Tuesday. Reversing a 0.36% gain from Monday, SHIB ended the day at $0.00000818.

A mixed start to the day saw SHIB rise to an early morning high of $0.00000835. However, coming up short of the First Major Resistance Level (R1) at $0.00000836, SHIB slid to a late afternoon low of $0.00000802.

SHIB fell through the Major Support Levels before a late move through the Third Major Support Level (S1) at $0.00000811 to end the day at $0.00000818.

Fed and Recession Fears Sent the Markets South with Twitter Weighing

Going into the Tuesday session, the NASDAQ mini delivered an early boost. News of China further easing COVID-19 restrictions and US holiday retail sales figures supported demand for riskier assets.

However, the mood turned sour, with Fed and recession fears sending the NASDAQ Index into the red. The bearish afternoon session saw DOGE and SHIB succumb to market forces in the second half of the day.

A lack of Twitter news added to the bearish mood, leaving DOGE deeper in the red. Investors await updates on Twitter’s plans to integrate DOGE onto the payment platform. An announcement would support a DOGE return to $0.080 and a run at $0.10.

Today, there are no US economic indicators, leaving DOGE and SHIB in the hands of the crypto news wires and the NASDAQ Index. On Tuesday, the NASDAQ Index fell by 1.38%, while the NASDAQ mini recovered from early losses this morning.

While external market forces, including the NASDAQ Index, will continue to influence, Twitter remains the key. DOGE will need Twitter updates to change the narrative and end a three-day losing streak.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 1.77% to $0.0723. A bearish start to the day saw DOGE fall from an early high of $0.0740 to a low of $0.0721.

Technical Indicators

DOGE needs to move through the $0.0741 pivot to target the First Major Resistance Level (R1) at $0.0756 and the Tuesday high of $0.0761. A return to $0.0750 would signal a bullish afternoon session. However, the crypto news wires need to be DOGE-friendly to support a breakout session.

In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.0777. The Third Major Resistance Level (R3) sits at $0.0813.

Failure to move through the pivot ($0.0741) would leave the First Major Support Level (S1) at $0.0720 in play. However, barring an extended sell-off, DOGE should avoid sub-$0.0700. The Second Major Support Level (S2) at $0.0705 should limit the downside. The Third Major Support Level (S3) sits at $0.0669.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0765. This morning, the 50-day EMA fell back from the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA. The price signals were bearish.

A move through R1 ($0.0756) and the 50-day EMA ($0.0765) would bring R2 ($0.0777) into view. However, failure to move through the 50-day EMA ($0.0765) would leave DOGE under pressure.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.86% to $0.00000811. A bearish start to the day saw SHIB fall from an early high of $0.00000819 to a low of $0.00000810.

Technical Indicators

SHIB needs to move through the $0.00000818 pivot to target the First Major Resistance Level (R1) at $0.00000835. A return to $0.00000830 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and Shibarium updates.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000851. The Third Major Resistance Level (R3) sits at $0.00000884.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000802 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000800 and the Second Major Support Level (S2) at $0.00000785.

The Third Major Support Level (S3) sits at $0.00000752.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000834. This morning, the 50-day EMA slid back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were bearish.

A move through the 50-day EMA ($0.00000834) and R1 ($0.00000835) would give the bulls a run at R2 ($0.00000851) and the 100-day EMA ($0.00000852). A breakout from the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($0.00000834) would leave SHIB under pressure.