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SHIB Jumps 8%, with DOGE also Finding Strong Support
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It's a bearish start to the day. Avoiding a fall through the 100-day EMAs, however would support another breakout day ahead.
In this article:
Key Insights:
- It was a bullish Saturday session for DOGE and SHIB, with SHIB surging by 8.20%.
- After trailing the broader market on Friday, DOGE and SHIB were among the front runners.
- Key technical indicators have turned bullish, with DOGE and SHIB moving through their 100-day EMAs.
It was a bullish day for DOGE and SHIB on Saturday. Bullish sentiment across the crypto market delivered upside on the day.
Following a 2.41% gain on Friday, DOGE rallied by 3.78% to end the day at $0.1237. SHIB followed a 0.63% gain on Friday, with an 8.20% jump to end the day at $0.00002415.
SHIB News and Market Sentiment Delivers Solid Gains
News of the SHIB community burning 189.7 million Shiba Inu delivered the upside for SHIB on the day.
Shibburn announced the burning of 189.7 million SHIB on Twitter.
In the past 24 hours, there have been a total of 180,744,627 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) March 19, 2022
Broader crypto market sentiment also delivered support to SHIB and DOGE on the day.
Technical Indicators
DOGE will need to avoid the day’s $0.1221 pivot to make a run on the First Major Resistance Level at $0.1264. DOGE would need the broader crypto market to support a move through Saturday’s high of $0.1251.
An extended rally would test the Second Major Resistance Level at $0.1291 and resistance at $0.13. The Third Major Resistance Level sits at $0.1358.
A fall through the pivot would test the First Major Support Level at $0.1197. Barring an extended sell-off, DOGE should steer clear of sub-$0.118 levels. The Second Major Support Level sits at $0.1157.
Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 100-day EMA, currently at $0.1198.
This morning, the 50-day EMA narrowed to the 100-day and the 200-day EMAs, delivering support. The 100-day EMA closed in on the 200-day EMA, also positive.
A move through the 200-day EMA at $0.1261 would support a return to $0.13.
SHIB Price Action
At the time of writing, SHIB was down by 1.53% to $0.00002378.
Technical Indicators
SHIB will need to move through the day’s $0.0000239 pivot to make a run on the First Major Resistance Level at $0.0000257. SHIB would need the broader crypto market to break out from Saturday’s high of $0.00002547.
An extended rally would test the Second Major Resistance Level at $0.0000272. The Third Major Resistance Level sits at $0.0000305.
Failure to move through the pivot would bring the First Major Support Level at $0.0000224 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000022 levels. The Second Major Support Level sits at $0.0000206.
Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 100-day EMA at $0.0000231 following Saturday’s breakout.
This morning, the 50-day EMA narrowed to the 100-day EMA, providing support. The 100-day EMA has also narrowed to the 200-day EMA, a bullish signal.
A move back through the 200-day EMA, currently at $0.0000241 would bring $0.000025 levels back 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.
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