SHIB and DOGE Find Morning Support, with SHIB Eyeing $0.000011

Key Insights:

• It was a mixed Thursday session, with dogecoin (DOGE) seeing red while shiba inu (SHIB) joined the broader crypto market in positive territory.
• Exchange news delivered SHIB price support, while DOGE tracked the broader crypto market throughout the day.
• The technical indicators remain bearish. Crypto headwinds, including the war in Ukraine, the Fed, and economic uncertainty, continue limiting the upside.

On Thursday, dogecoin (DOGE) slipped by 0.29%. Following a 0.69% loss on Wednesday, DOGE ended the day at $0.05963.

A bearish start to the day saw DOGE tumble to a late morning low of $0.05501. DOGE slid through the Major Support Levels before rallying to a late high of $0.06026. However, falling short of the First Major Resistance Level (R1) at $0.0608, DOGE slipped back to end the day at sub-$0.060.

Shiba inu coin (SHIB) rose by 2.26% on Thursday. Reversing a 0.88% fall from Wednesday, SHIB ended the day at $0.00001039.

Tracking the broader market, SHIB slid through the Major Support Levels to a late morning low of $0.00000925. However, finding crypto market support, SHIB rallied to a late high of $0.00001081.

SHIB broke through the First Major Resistance Level (R1) at $0.00001036 and briefly through the Second Major Resistance Level (R2) at $0.00001056 before easing back to end the day at $0.00001039.

Market angst over the afternoon release of the US CPI report sent SHIB and DOGE into the deep red. However, softer US inflation numbers removed the immediate fear of another spike in inflation, which was good enough for a broad-based crypto market rebound.

SHIB found added support on reports of leading exchange Kraken adding the USDT-SHIB pairing.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.48% to $0.06052. A bullish start to the day saw DOGE rise from an early low of $0.05948 to a high of $0.06106.

Technical Indicators

DOGE needs to avoid the $0.0583 pivot to target the First Major Resistance Level (R1) at $0.0616. However, US economic indicators and central bank chatter need to be crypto-friendly to support a breakout from the morning high of $0.06106.

In the case of another extended crypto market rally, DOGE should test the Second Major Resistance Level (R2) at $0.0636. The Third Major Resistance Level (R3) sits at $0.0688.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0563 into play. However, barring another crypto sell-off, DOGE should steer clear of sub-$0.055 and the Second Major Support Level (S2) at $0.0530. Third Major Support Level (S3) at $0.0478

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.06064. The 50-day EMA eased back from the 100-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 ($0.06064) and the 100-day EMA ($0.06108) would give the bulls a run at R1 ($0.0616) and the 200-day EMA (0.06174). However, failure to move through the 50-day EMA ($0.06108) would leave DOGE under pressure.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.64% to $0.00001056. A bullish start to the day saw SHIB rise from an early low of $0.00001037 to a high of $0.00001075.

Technical Indicators

SHIB needs to avoid the $0.00001015 pivot to target the First Major Resistance Level (R1) at $0.00001105. Crypto-friendly FOMC chatter and US economic indicators would support a breakout from the Thursday high of $0.00001081.

A broad-based crypto rally would see SHIB test the Second Major Resistance Level (R2) at $0.00001171. The Third Major Resistance Level (R3) sits at $0.00001327.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000949 into play. Barring an extended sell-off, SHIB should avoid sub-$0.00000940 and the Second Major Support Level (S2) at $0.00000859.

The Third Major Support Level (S3) sits at $0.00000703.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00001060. This morning, the 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The signals were bearish.

A move through the 50-day EMA ($0.00001060) and the 100-day EMA ($0.00001087) would give the bulls a run at R1 ($0.00001105). However, failure to move through the 50-day EMA ($0.00001060) would bring S1 ($0.00000949) into view.