DOGE Finds Support While SHIB Continues to Struggle

Key Insights:

• It was a bullish session for DOGE, while SHIB struggled alongside the broader crypto market.
• Elon Musk suggests a DOGE payment option on Twitter, delivering DOGE support.
• Technical indicators remain bearish for SHIB, while DOGE sits above the 50-day EMA.

It was a mixed day for DOGE and SHIB on Sunday.

Elon Musk delivered DOGE support, while SHIB joined the broader crypto market in the red.

Following a 1.12% gain from Saturday, DOGE rose by 2.77% to end the day at $0.1482. SHIB partially reversed a 3.40% gain with a 0.65% fall to end the day at $0.00002446.

SHIB slid by 8.80% for the week, while DOGE gained 1.16%.

On Sunday, LUNA and AVAX slid by 5.94% and 4.16%, respectively, to lead the way down.

Bearish sentiment left Bitcoin (BTC) at $42,000 levels. Support at $42,000 prevented heavier losses. On Sunday, Bitcoin fell by 1.41%.

Elon Musk Suggests Dogecoin Payment Option on Twitter

News of Elon Musk suggesting a Dogecoin payment option on Twitter drove DOGE demand on Sunday. DOGE struck a day high of $0.1576 before easing back to sub-$0.15.

The suggestion of a Dogecoin payment option was among a series of Twitter ideas Elon Musk shared on Twitter.

DOGE Price Action

At the time of writing, DOGE was up 0.67% to $0.1492.

Technical Indicators

DOGE will need to move through the day’s $0.1498 pivot to make a run on the First Major Resistance Level at $0.1560. DOGE would need the broader crypto market to support a return to $0.1550.

An extended rally would test the Second Major Resistance Level at $0.1638 and resistance at $0.17. The Third Major Resistance Level sits at $0.1778.

Failure to move through the pivot would test the First Major Support Level at $0.1420. Barring another extended sell-off, DOGE should steer clear of sub-$0.14 levels. The Second Major Support Level sits at $0.1358.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 50-day EMA, currently at $0.1471. This morning, 50-day EMA pulled away from the 100-day EMA. The 100-day EMA moved away from the 200-day EMA, a bullish signal.

A continued hold above the 50-day EMA would support a return to $0.16.

SHIB Price Action

At the time of writing, SHIB was down 0.08% to $0.00002444.

Technical Indicators

SHIB will need to move through the day’s $0.0000247 pivot to make a run on the First Major Resistance Level at $0.0000251. SHIB would need the broader crypto market to move back to $0.000025 levels.

An extended rally would test the Second Major Resistance Level at $0.0000258 and resistance at $0.000026. The Third Major Resistance Level sits at $0.0000268.

Failure to move through the pivot would bring the First Major Support Level at $0.0000241 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.0000235 levels. The Second Major Support Level at $0.0000237 should limit the downside.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits below the 200-day EMA at $0.0000250. This morning, the 50-day EMA narrowed toward the 200-day. The 100-day EMA closed in on the 200-day EMA, SHIB negative.

A bearish cross of the 50-day EMA through the 200-day EMA would bring the Major Support Levels into play.