DOGE Bulls Eye a Return to $0.0720 to Bring $0.0750 into View

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) saw red on Tuesday, ending three-day winning streaks.
• Fed fear overshadowed recent network updates, with Twitter silence adding to the bearish DOGE mood.
• The technical indicators remain bearish, signaling further losses.

Dogecoin (DOGE) fell by 1.40% on Tuesday. Partially reversing a 1.71% gain from Monday, DOGE ended the day at $0.0705. Notably, a three-day winning streak ended.

A bullish start to the day saw DOGE rise to a mid-morning high of $0.0724. Coming up short of the First Major Resistance Level (R1) at $0.0737, DOGE slid to a late afternoon low of $0.0694. However, steering clear of the First Major Support Level (S1) at $0.0692, DOGE returned to $0.0705 to reduce the deficit.

Shiba inu coin (SHIB) fell by 0.37% on Tuesday. Partially reversing a 0.62% loss from Monday, SHIB ended the day at $0.00000814.

A mixed start to the day saw SHIB rise to an early morning high of $0.00000821 before hitting reverse. Falling short of the First Major Resistance Level (R1) at $0.00000828, SHIB slid to a late afternoon low of $0.00000805. However, steering clear of the First Major Support Level (S1) at $0.00000804, SHIB returned to $0.00000814 to reduce the loss on the day.

Fed Fear and a Bearish NASDAQ Index Weigh on Investor Appetite

On Tuesday, the US markets reopened following the holidays, pressuring the appetite for riskier assets. The NASDAQ Index fell by 0.76% on Tuesday, with a surge in the greenback reflecting investor sentiment towards the Fed ahead of today’s FOMC meeting minutes.

However, the late recovery from heavier losses demonstrated bullish sentiment towards DOGE and SHIB following recent network updates.

Last week, Dogecoin Foundation announced that it transferred 5 million DOGE to the development fund. While the amount is relatively small, the launch shows the Foundation’s plans to continue developing the Dogecoin ecosystem.

Sentiment towards the Shibarium upgrade limited the SHIB downside on Tuesday, with the network upgrade likely to happen at any time. There were no Twitter, Dogecoin Foundation, or Shibarium news updates to influence.

Today, US economic indicators and the FOMC meeting minutes will guide the NASDAQ Index and the broader crypto market. However, network updates would likely overshadow the US economic calendar. Investors need to monitor the crypto news wires and the respective Twitter channels for updates that could move the dial.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.42% to $0.0715. A bullish start to the day saw DOGE rise from an early low of $0.0701 to a high of $0.0718.

Technical Indicators

DOGE needs to avoid a fall through the $0.0708 pivot to target the First Major Resistance Level (R1) at $0.0721 and the Tuesday high of $0.0724. A return to $0.0720 would signal a bullish afternoon session. However, the crypto news wires and Twitter news 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 $0.0738. The Third Major Resistance Level (R3) sits at $0.0768.

A fall through the pivot ($0.0708) would bring the First Major Support Level (S1) at $0.0691 into play. However, barring another extended sell-off, DOGE should avoid sub-$0.0690 and the Second Major Support Level (S2) at $0.0678. The Third Major Support Level (S3) sits at $0.0648.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0717. This morning, the 50-day EMA slipped back from the 200-day EMA, with the 100-day EMA falling back from the 200-day EMA. The price signals were bearish.

A move through the 50-day EMA ($0.0717) and R1 ($0.0721) would support a run at R2 ($0.0738) and the 100-day EMA ($0.0746). A breakout from the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($0.0717) would bring the Major Support Levels into view.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.49% to $0.00000818. A mixed start to the day saw SHIB fall to an early low of $0.00000811 before rising to a high of $0.00000819.

Technical Indicators

SHIB needs to avoid a fall through the $0.00000813 pivot to target the First Major Resistance Level (R1) at $0.00000822. A return to $0.00000820 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and updates on the Shibarium upgrade.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000829. The Third Major Resistance Level (R3) sits at $0.00000845.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000806 into play. However, barring an extended sell-off, SHIB should avoid sub-$0.00000800 and the Second Major Support Level (S2) at $0.00000797.

The Third Major Support Level (S3) sits at $0.00000781.

The EMAs send a bearish signal, with SHIB sitting at the 50-day EMA, currently at $0.00000815. This morning, the 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA fell back from the 200-day EMA. The signals were mixed.

A breakout from the 50-day EMA ($0.00000815) would support a move through R1 ($0.00000822) to target the 100-day EMA ($0.00000827). However, a fall through the 50-day EMA ($0.00000815) would leave SHIB under pressure. The 200-day EMA sits at $0.00000859.