Key Insights:
- Dogecoin (DOGE) and shiba inu (SHIB) bucked the broader market trend on Tuesday, with DOGE rising by 1.41% and SHIB by 0.20%.
- News of Google Cloud accepting payments with BTC, ETH, and DOGE via Coinbase delivered price support.
- However, the technical indicators remain bearish as crypto headwinds, including the war in Ukraine, the Fed, and economic uncertainty, test buyer appetite.
On Tuesday, dogecoin (DOGE) rose by 1.41%. Partially reversing a 4.40% slide from Monday, DOGE ended the day at $0.06022.
A bearish start to the day saw DOGE slide to an early low of $0.05749. DOGE fell through the First Major Support Level (S1) at $0.0582 before rallying to a mid-day high of $0.06087. However, falling short of the First Major Resistance Level (R1) at $0.0615, DOGE eased back to end the day at $0.06022.
Shiba inu coin (SHIB) rose by 0.20%. Partially reversing a 7.34% slide from Monday, SHIB ended the day at $0.00001025.
Tracking the broader crypto market, SHIB tumbled to an early morning low of $0.00000971. SHIB fell through the First Major Support Level (S1) at $0.00000975 before striking a mid-day high of $0.00001041. However, falling short of the First Major Resistance Level (R1) at $0.00001092, SHIB eased back to end the day at $0.00001025.
Adoption news delivered DOGE support, with SHIB benefitting from the Google-Coinbase news.
On Tuesday, Google announced a partnership with Coinbase (COIN) to support crypto payments for cloud services. According to a CNBC report, Google will begin allowing selected customers to pay for cloud services with crypto in early 2023. Coinbase Commerce supports ten cryptos, including APE, BCH, BTC, DOGE, ETH, LTC, SHIB, USDC, USTC, and DAI.
However, the gains were modest, with Bank of England news and Fed fear weighing on the broader crypto market.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was up 0.52% to $0.06054. A mixed start to the day saw DOGE fall to an early low of $0.05984 before rising to a high of $0.06099.
Technical Indicators
DOGE needs to avoid the $0.0595 pivot to target the First Major Resistance Level (R1) at $0.0616. However, US economic indicators, central bank chatter, and the FOMC meeting minutes will have to be crypto-friendly to support a return to $0.0610.
In the case of another extended crypto market rebound, DOGE should test the Second Major Resistance Level (R2) at $0.0629. The Third Major Resistance Level (R3) sits at $0.0663.
A fall through the pivot would bring the First Major Support Level (S1) at $0.0582 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0580 and the Second Major Support Level (S2) at $0.0561.
The Third Major Support Level (S2) sits at $0.0528.
The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.06145. After a bearish cross on Tuesday, the 50-day EMA pulled back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The price signals were bearish.
A move through the 50-day EMA ($0.06145) and the 100-day EMA ($0.06156) would support a breakout from R1 ($0.0616). However, failure to move through the 50-day EMA ($0.06145) would leave S1 ($0.0528) in play.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was up 1.37% to $0.00001039. A mixed start to the day saw SHIB fall to an early low of $0.00001020 before striking a high of $0.00001041.
Technical Indicators
SHIB needs to avoid the $0.00001012 pivot to target the First Major Resistance Level (R1) at $0.00001054. Crypto-friendly FOMC minutes, member chatter, and economic indicators would support a breakout from the morning high of $0.00001041.
A broad-based crypto rally would see SHIB test the Second Major Resistance Level (R2) at $0.00001082 and resistance at $0.00001100. The Third Major Resistance Level (R3) sits at $0.00001152.
A fall through the pivot would bring the First Major Support Level (S1) at $0.00000984 into play. Barring an extended sell-off, SHIB should avoid sub-$0.00000975 and the Second Major Support Level (S2) at $0.00000942.
The Third Major Support Level (S3) sits at $0.00000872.
The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00001086. This morning, the 50-day EMA slid back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were bearish.
A move through R1 ($0.00001054) would give the bulls a run at R2 ($0.00001082) and the 50-day EMA ($0.00001086). However, failure to move through the 50-day EMA ($0.00001086) would leave SHIB under pressure.
