Key Insights:
- Dogecoin (DOGE) and shiba inu coin (SHIB) had a mixed Sunday session, with DOGE bucking a bearish session.
- Network chatter took a backseat, with Fed Fear and SEC activity weighing on investor appetite.
- The technical indicators are bearish, signaling further price losses.
Dogecoin (DOGE) ended the session flat on Sunday. Following a 1.61% gain on Saturday, DOGE ended the week down 10.65% to $0.0822.
After a range-bound start to the day, DOGE rallied to a late morning high of $0.0857. DOGE broke through the First Major Resistance Level (R1) at $0.0830 and the Second Major Resistance Level (R2) at $0.0839. Coming up against the Third Major Resistance Level (R3) at $0.0859, DOGE slid to a late low of $0.0812. Finding support at the First Major Support Level (S1) at $0.0810, DOGE ended the day at $0.0822.
Shiba inu coin (SHIB) fell by 0.62% on Sunday. Reversing a 0.39% gain from Saturday, SHIB ended the week down 10.28% to $0.00001283.
Tracking the broader market, SHIB rose to a late afternoon high of $0.00001354. SHIB broke through the First Major Resistance Level (R1) at $0.00001322. However, coming up against the Second Major Resistance Level (R2) at $0.00001352, SHIB slid to a late low of $0.00001257. Steering clear of the First Major Support Level (S1) at $0.00001250, SHIB ended the day at $0.00001283.
Network Updates and Twitter Silence Test Buyer Appetite
It was radio silence on Sunday, with the Shibarium Network yet to provide updates on the heavily anticipated Shibarium upgrade. Following the launch of the Development Fund, the Dogecoin Foundation was also silent, leaving the broader crypto market to provide direction.
Fed Fear and the latest SEC action against Kraken have left investors on a cautious footing. The threat of the SEC targeting other crypto platforms over crypto staking services continued to weigh on investor sentiment.
On Sunday, the Wall Street Journal reported that the SEC might sue Paxos for violating investor protection laws relating to the launch of BinanceUSD (BUSD). The latest news will be another concern for investors looking for market conditions to normalize after the collapse of FTX.
However, Fed Fear has also resurfaced following the January Job Report that could give the Fed hawks the voice to push interest rates higher at a more aggressive pace. After hawkish Fed chatter last week, tomorrow’s US CPI Report could prove decisive.
The Day Ahead
Today, there are no US economic indicators to distract investors. The lack of stats will leave FOMC member chatter in focus. With investors looking toward tomorrow’s US CPI Report, the NASDAQ Composite Index will likely provide direction this afternoon.
However, investors should continue monitoring the crypto news wires for SEC activity and updates from Shibarium Network, Dogecoin Foundation, or Twitter. News of the SEC investigating more US crypto exchanges would test buyer appetite.
Dogecoin (DOGE) Price Action
This morning, DOGE was down 0.61% to $0.0817. A mixed start to the day saw DOGE rise to an early high of $0.0827 before falling to a low of $0.0803. The First Major Support Level (S1) at $0.0804 delivered early support.
Technical Indicators
DOGE needs to move through the $0.0830 pivot to target the First Major Resistance Level (R1) at $0.0849 and the Sunday high of $0.0847. A return to $0.0840 would signal a bullish DOGE session. However, the broader crypto market and network updates need to be DOGE-friendly to support a breakout session.
In the event of an extended rally, the Second Major Resistance Level (R2) at $0.0875 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0920.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0804 in play. However, barring another SEC-fueled extended sell-off, DOGE should avoid sub-$0.0780. The Second Major Support Level (S2) at $0.0785 should limit the downside. The Third Major Support Level (S3) sits at $0.0740.
The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0861. Following the Sunday bearish cross, the 50-day EMA pulled back from the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bearish.
A move through R1 ($0.0849) would give the bulls a run at the 50-day ($0.0861) and 200-day ($0.0863) EMAs. However, failure to move through the 50-day EMA would leave S1 ($0.0804) and sub-$0.0800 support levels in view. A move through the 50-day EMA would send a bullish signal.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was down 0.62% to $0.00001275. A mixed start to the day saw SHIB rise to an early high of $0.00001307 before falling to a low of $0.00001251.
Technical Indicators
SHIB needs to move through the $0.00001298 pivot to target the First Major Resistance Level (R1) at $0.00001339 and the Sunday high of $0.00001354. A return to $0.00001310 would signal an extended bullish session. However, SHIB would need more details on the Shibarium upgrade and broader market support to deliver a breakout session.
In the event of an extended rally, SHIB could test the Second Major Resistance Level (R2) at $0.00001395 and resistance at $0.000014. The Third Major Resistance Level (R3) sits at $0.00001492.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001242 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.00001200. The Second Third Major Support Level (S2) at $0.00001201 should limit the downside.
The Third Major Support Level (S3) sits at $0.00001104.
The EMAs sent a bearish signal, with SHIB sitting below the 100-day EMA, currently at $0.00001280. The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The signals were bearish.
A move through the 100-day EMA ($0.00001280) would give the bulls a run at the 50-day EMA ($0.00001308) and R1 ($0.00001339). A breakout from the 50-day EMA would send a bullish signal. However, a fall through S1 ($0.00001242) would give the bears a run at S2 ($0.00001201) and the 200-day EMA ($0.00001199).
