SHIB Rises for a Fourth Consecutive Day, with DOGE in Tow

Key Insights:

• It was yet another bullish session for SHIB on Tuesday.
• SHIB’s inclusion on Netcoins, increased SHIB adoption, and the latest burn figures remain the key drivers.
• Key technical indicators are bullish, with DOGE and SHIB holding above the 50-day EMAs.

It was a bullish day for DOGE and SHIB on Tuesday. Bullish sentiment across the broader crypto market driven by news updates on Russia and Ukraine delivered support.

Partially reversing a 1.66% fall from Monday, DOGE rose by 1.40% on Tuesday to end the day at $0.1444. SHIB followed a 3.72% gain, with a 3.05% rise to end the day at $0.00002733.

For SHIB, it was a fourth consecutive day in the green, with network news updates providing support.

Elsewhere, LUNA surged by 12.10%, with SOL rising by 5.49%.

ADA (+1.80%), AVAX (+3.66%), BNB (+0.98%), and ETH (+2.02%) also found support, while XRP (-0.73%) ended the day in the red.

News Updates Deliver SHIB Support

This week, news of Netcoins including new digital assets SHIB and DOGE, delivered price support. SHIB found further support on reports of English fashion brand John Richmond accepting and burning SHIB.

There were also updates from the Shibburn, announcing 7,703,474 $SHIB tokens burned and six transactions on Monday.

Near-term, the focus remains on burning news updates, which have delivered SHIB price support.

While network news remains the key driver, a pick up in market risk appetite also delivered support. News of Russia and Ukraine making progress in talks delivered support to riskier assets.

DOGE Price Action

At the time of writing, DOGE was down 0.76% to $0.1433. A bearish start to the day saw DOGE fall to an early morning low of $0.1419 before finding support.

Technical Indicators

DOGE will need to move through the day’s $0.1448 pivot to make a run on the First Major Resistance Level at $0.1485. DOGE would need the broader crypto market to support a move back through $0.1480 levels.

An extended rally would test the Second Major Resistance Level at $0.1527. The Third Major Resistance Level sits at $0.1606.

Failure to move through the pivot would test the First Major Support Level at $0.1406. Barring an extended sell-off, DOGE should steer clear of sub-$0.1380 levels. The Second Major Support Level sits at $0.1369.

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 $0.1369. The 50-day EMA pulled away from the 100-day EMA. The 100-day EMA also pulled away from the 200-day EMA after this week’s bullish cross; DOGE positive.

A continued hold above the 50-day EMA would support a return to $0.15.

SHIB Price Action

At the time of writing, SHIB was down by 1.10% to $0.00002703. A bearish start to the day saw SHIB fall to an early morning low of $0.00002669 before finding support.

Technical Indicators

SHIB will need to move through the day’s $0.0000274 pivot to make a run on the First Major Resistance Level at $0.0000284. SHIB would need the broader crypto market to return to $0.000028 levels.

An extended rally would test the Second Major Resistance Level at $0.0000295 and resistance at $0.000030. The Third Major Resistance Level sits at $0.0000317.

Failure to move through the pivot would bring the First Major Support Level at $0.0000263 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.000026 levels. The Second Major Support Level sits at $0.0000253.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 50-day EMA at $0.0000253 after Monday’s bullish cross. This morning, the 50-day EMA pulled away from the 100-day EMA. The 100-day EMA also pulled away from the 200-day EMA after this morning’s bullish cross.

A continued hold above the 50-day EMA would bring $0.000030 levels into play.