DOGE and SHIB are rising this morning after going into reverse over the weekend. A move through the highs from this morning would indicate a bullish trend.
After defying the bearish trend on Friday, Dogecoin (DOGE) and Shiba Inu Coin (SHIB) joined the larger cryptocurrency market in the red on Saturday and Sunday.
Due to US inflation, the gloomy mood from Friday carried over to the weekend session.
The DOGE and SHIB technical indicators are bearish and are below their 50-day EMAs, indicating a possible visit to the lows from September.
Dogecoin’s (DOGE) price dropped by 2.17% on Sunday. After losing 1.75% on Saturday, DOGE lost 3.06% for the week to close at $0.05929.
The day got off to a mixed start as DOGE increased to an early morning high of $0.06095 before falling back. The price of DOGE dropped to a late low of $0.05880 after failing to clear the First Major Resistance Level (R1) at $0.06240.
Prior to a partial recovery to $0.05928, DOGE breached the First Major Support Level (S1) at $0.05950 and the Second Major Support Level (S2) at $0.0584.
On Sunday, Shiba Inu Coin (SHIB) decreased by 2.06%. SHIB lost 1.24% on Saturday before falling 0.64% for the week to $0.00001095.
SHIB increased to a mid-high of $0.00001122 over a bumpy morning. SHIB fell to a morning low of $0.00001077, failing to clear the First Major Resistance Level (R1) at $0.0000114. At $0.0000110 and $0.0000109, respectively, SHIB breached the First Major Support Level (S1) and Second Major Support Level (S2).
SHIB, on the other hand, found support in the early afternoon and rose to a high of $0.00001120 before falling back through S1 and briefly into S2.
On Friday, DOGE and SHIB defied the general market trend, but during the weekend, they were overcome by market forces. The US inflation data released on Friday increased Fed anxiety and caused the crypto market to decline for a third straight day.
Prior to the Saturday reversal, SHIB news provided the couple with assistance on Friday. Shiba Inus were accepted as payment by US furniture retailer Rooms To Go, according to press reports on Friday.
The price of DOGE was up 0.62% to $0.05966 at the time of writing. After a rocky start to the day, DOGE rose to a high of $0.05993 from an early low of $0.05878.
To reach the First Major Resistance Level (R1) at $0.0606 and the Sunday high of $0.06095, DOGE must advance beyond the pivot point at $0.0597. A breakthrough from the morning high of $0.05993 would be supported by an increase in market risk appetite.
The Second Major Resistance Level (R2) at $0.0618 should be tested by DOGE in the event that the cryptocurrency market recovers for a lengthy period of time. At $0.0640, there is the Third Major Resistance Level (R3).
The EMAs delivered a negative signal, and DOGE, which is presently trading at $0.06064, is below the 50-day EMA. Bearish signals were sent today as the 50-day EMA retreated from the 100-day EMA and the 100-day EMA eased back from the 200-day EMA.
The DOGE is now trading below $0.590 after the weekend plunge through the 50-day EMA, the 100-day EMA, and DOGE. The bulls would, however, have a run at R2 ($0.0618) and the 200-day EMA ($0.06203) if they were to advance through R1 ($0.06060), the 50-day, and the 100-day ($0.06093) EMAs.
