DOGE Wraps Up a Bullish Week, with $0.17 the Next Price Target

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Published: Mar 28, 2022, 01:05 GMT+00:00

DOGE surges by 21.4% in the week, supported by its inclusion in Bitcoin ATMs and Elon Musk chatter on Twitter over the weekend. SHIB gained 10.7%.

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Key Insights:

It was another bullish session for DOGE and SHIB on Sunday.
Broader crypto market sentiment and Elon Musk Twitter chatter delivered support.
Key technical indicators are bullish, with DOGE holding above the 50-day EMA and SHIB above the 200-day EMA.

It was another bullish day for DOGE and SHIB on Sunday. Bullish sentiment across the broader crypto market delivered support. For DOGE, Elon Musk’s Twitter account was DOGE positive, supporting the breakout session.

Following a 3.97% gain on Saturday, DOGE rallied by 6.39% on Sunday to end the day at $0.1448. SHIB followed a 1.33% gain, with a 4.80% rise to end the day at $0.00002557.

It was a particularly bullish week for DOGE, which surged by 21.4% in the week ending March-27, 2022. SHIB rose by a more modest 10.7%.

Elsewhere, SOL rallied by 5.21% on Sunday, with AVAX (+4.61%) and ETH (+4.77%) finding strong support.

ADA (+2.78%), BNB (+3.51%), LUNA (+2.87%), and XRP (+2.98%) trailed the front runners.

Crypto Market Risk Sentiment Supports

Broader crypto market support delivered DOGE and SHIB solid gains for the day.

Bitcoin (BTC) broke out from $45,000 levels to end Sunday up 5.1% to $46,813. For Bitcoin, the sixth consecutive rise came despite Fed Chair Powell’s willingness to lift interest rates at a more aggressive pace to curb inflation.

Geopolitics also failed to dampen the mood for the crypto market, with Russia’s invasion of Ukraine showing no signs of ending.

For DOGE, news of Bitcoin of America adding DOGE to its Bitcoin ATMs (BTMs) delivered strong support in the week. Over the weekend, Elon Musk’s Twitter account also provided support.

Musk took to Twitter, talking of Twitter’s failure to adhere to free speech. His Twitter account followers had a similar view. 70.4% saw Twitter not rigorously adhering to the free speech principles.

Free speech is essential to a functioning democracy.

Do you believe Twitter rigorously adheres to this principle?

— Elon Musk (@elonmusk) March 25, 2022

Musk when on to say,

“The consequences of this poll will be important. Please vote carefully.”

The comment, coupled with the suggestion of buying Twitter and changing its logo to DOGE, contributed to the weekend gains.

DOGE Price Action

At the time of writing, DOGE was up 0.41% to $0.1454. A mixed start to the day saw DOGE fall to an early low of $0.1431 before finding support.

DOGE’s next price target is February’s high of $0.1733

Technical Indicators

DOGE will need to avoid the day’s $0.1420 pivot to make a run on the First Major Resistance Level at $0.1484. DOGE would need the broader crypto market to support a move back through Sunday’s high of $0.1456.

An extended rally would test the Second Major Resistance Level at $0.1521. The Third Major Resistance Level sits at $0.1622.

A fall through the pivot would test the First Major Support Level at $0.1383. Barring an extended sell-off, DOGE should steer clear of sub-$0.1350 levels. The Second Major Support Level sits at $0.1319.

Avoiding the day’s pivot would support a sixth rise in 7 sessions.

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 $0.1313. The 50-day EMA pulled away from the 200-day EMA. The 100-day EMA closed in on the 200-day EMA; DOGE positive.

A bullish cross of the 100-day EMA through the 200-day EMA would support a return to $0.16.

A bullish cross of the 100-day EMA through the 200-day would bring $0.16 into play.

SHIB Price Action

At the time of writing, SHIB was up by 0.74% to $0.00002576. A choppy start to the day saw SHIB fall to an early morning low of $0.00002529 before striking a high of $0.00002584.

SHIB eyes $0.000028, last struck on March-1, 2022.

Technical Indicators

SHIB will need to avoid the day’s $0.0000251 pivot to make a run on the First Major Resistance Level at $0.0000261. SHIB would need the broader crypto market to move through to $0.000026 levels.

An extended rally would test the Second Major Resistance Level at $0.0000266 and resistance at $0.0000270. The Third Major Resistance Level sits at $0.0000282.

A fall through the pivot would bring the First Major Support Level at $0.0000246 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000024 levels. The Second Major Support Level sits at $0.0000236.

Avoiding the pivot would bring $0.000027 levels into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 200-day EMA at $0.0000241. This morning, the 50-day EMA converged on the 200-day EMA. The 100-day EMA also closed in on the 200-day EMA.

A bullish cross of the 50-day EMA through the 200-day EMA would bring $0.000026 levels into play.

A bullish cross of the 50-day EMA through the 200-day would bring $0.000026 into play.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.