Key Insights:
- Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader market in the red on Monday, with DOGE seeing red for the second time in four sessions.
- Sentiment towards DOGE integration onto the Twitter payment platform took a backseat, with riskier assets hitting reverse after the US Thanksgiving Holidays.
- The technical indicators are mixed, with the DOGE EMAs signaling further price gains.
On Monday, dogecoin (DOGE) slid by 3.55%. Partially reversing a 10.67% rally from Sunday, DOGE ended the day at $0.0950. Notably, DOGE avoided sub-$0.0900 for the fourth consecutive session.
A mixed start to the day saw DOGE rise to an early high of $0.0996. Coming up short of the First Major Resistance Level (R1) at $0.01080, DOGE slid to a late afternoon low of $0.0907. However, steering clear of the First Major Support Level (S1) at $0.0888, DOGE found support to end the day at $0.0950.
Shiba inu coin (SHIB) fell by 2.05% on Monday. Partially reversing a 2.89% gain from Sunday, SHIB ended the day at $0.00000908.
Tracking DOGE, SHIB rose to an early high of $0.00000936. Falling short of the First Major Resistance Level (R1) at $0.00000960, SHIB slid to an early low of $0.00000877. SHIB briefly slipped through the First Major Support Level (S1) at $0.00000897 before wrapping up the day at $0.00000908.
Bearish sentiment stemming from protests across China weighed on riskier assets on Monday. The NASDAQ Composite Index sent DOGE and SHIB into the deep red. Despite news of BlockFi filing for bankruptcy, the pair found late support to limit the losses from the session.
This morning, investor focus returned to Twitter and the hope of Twitter integrating DOGE onto the payment platform.
On Sunday, Elon Musk delivered a DOGE breakout session that provided SHIB with much-needed price support. Musk posted a set of slides from a recent Twitter company talk on Sunday. A fourth slide, titled Payments, did not reveal which form of payments Twitter 2.0 will accept. However, investors took this as a cue for DOGE incorporation.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was up 6.32% to $0.1010. A bullish start to the day saw DOGE rally from an early low of $0.0936 to a high of $0.1032.
DOGE broke through the First Major Resistance Level (R1) at $0.0995.
Technical Indicators
DOGE needs to hold above R1 and the $0.0951 pivot to retarget the Second Major Resistance Level (R2) at $0.1040 and last week’s high of $0.1079. A return to $0.1050 would signal a bullish afternoon session. However, the crypto news wires need to be crypto-friendly to support a breakout session.
In the event of an extended afternoon breakout session, the bulls could take a run at $0.11 and the Third Major Resistance Level (R3) at $0.1129.
A fall through R1 and the pivot ($0.0951) would bring the First Major Support Level (S1) at $0.0906 into play. Barring an extended sell-off, DOGE should avoid sub-$0.0900 and the Second Major Support Level (S2) at $0.0862. However, further signs of FTX contagion would bring sub-$0.0800 into view.
The Third Major Support Level (S3) sits at $0.0773.
The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0902. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.
A hold above S1 ($0.0906) and the 50-day EMA ($0.0902) would support a breakout from R2 ($0.1040) to target $0.11. However, a fall through S1 ($0.0906) and the EMAs would bring S2 ($0.0862) into view.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was up 0.99% to $0.00000917. A mixed start to the day saw SHIB fall to an early low of $0.00000899 before rising to a high of $0.00000927.
Technical Indicators
SHIB needs to avoid the $0.00000907 pivot to target the First Major Resistance Level (R1) at $0.00000937. A return to $0.00000930 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market today.
In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000966. The Third Major Resistance Level (R3) sits at $0.00001025.
A fall through the pivot would bring the First Major Support Level (S1) at $0.00000878 into play. Barring another extended sell-off, SHIB should avoid sub-$0.00000850 and the Second Major Support Level (S2) at $0.00000848. The Third Major Support Level (S3) sits at $0.00000789.
The EMAs send a bearish signal, with SHIB sitting below the 100-day EMA, currently at $0.00000932. This morning, the 50-day EMA flattened on the 100-day EMA, while the 100-day EMA fell back from the 200-day EMA. The signals were mixed.
A hold above the 50-day EMA ($0.00000911) would support a breakout from the 100-day EMA ($0.00000932) and R1 ($0.00000937) to target R2 ($0.00000966). However, a fall through the 50-day EMA ($0.00000911) would bring S1 ($0.00000878) into view.
