Key Insights:
- Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in negative territory this morning.
- Network updates and crypto news took a back seat. News of Apple (AAPL) cutting back production of the new iPhone hit riskier assets.
- The technical indicators are bearish, with DOGE and SHIB sitting below their 50-day EMAs, signaling a visit to the September lows.
On Tuesday, dogecoin (DOGE) fell by 1.02%. Following a 0.07% loss on Monday, DOGE ended the day at $0.060493. DOGE extended its current losing streak to four sessions.
A bullish start to the day saw DOGE strike a mid-morning high of $0.06307 before hitting reverse. DOGE broke through the First Major Resistance Level (R1) at $0.0621 to test the Second Major Resistance Level (R2) at $0.0630.
The reversal saw SOGE slide through the First Major Support Level at $0.0600 to a low of $0.05975 before a partial recovery to $0.06049.
Shiba Inu Coin (SHIB) bucked the broader market trend, ending the day flat. Following a 0.91% gain on Monday, SHIB ended the day at $0.00001112.
Tracking the broader market, SHIB rose to an early high of $0.00001155. SHIB broke through the First Major Resistance Level (R1) at $0.0000113 to test the Second Major Resistance Level (R2) at $0.0000115. The reversal saw SHIB slide to a low of $0.00001084.
However, finding support at the First Major Support Level (S1) at $0.0000109, SHIB ended the day at $0.0000112.
On Tuesday, bullish sentiment across the crypto market was short-lived, with US economic indicators weighing on riskier assets. A sharp rise in US consumer confidence, fueled by labor market conditions and wage growth, sent the Dow and the S&P500 into the red, with the crypto market in tow.
This morning, news of Apple Inc. (AAPL) cutting production of the new iPhone sent riskier assets into the red. Apple is the latest in a line of US multinationals reacting to economic conditions and preparing for a sharp decline in demand.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was down 1.55% to $0.05956. A mixed start to the day saw DOGE rise to an early high of $0.06097 before falling to a low of $0.05850.
DOGE fell through the First Major Support Level (S1) at $0.0591 before finding support.
Technical Indicators
DOGE needs to move through the $0.0611 pivot to target the First Major Resistance Level (R1) at $0.0625 and the Tuesday high of $0.06307. A marked shift in risk sentiment will be needed to support a return to $0.0620.
In the case of an extended crypto market rebound, DOGE should test the Second Major Resistance Level (R2) at $0.0644 before any pullback. The Third Major Resistance Level (R3) sits at $0.0677.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0591 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0585 and the Second Major Support Level (S2) at $0.0578. The Third Major Support Level (S3) sits at $0.0545.
The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.06120. Today, the 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA, delivering bearish signals.
The failed bullish cross of the 50-day EMA through the 100-day EMA and DOGE slide through the 50-day EMA brings Sub-$0.590 into play. However, a move through the 50-day ($0.06120) and 100-day ($0.06133) EMAs would give the bulls a run at R1 ($0.625) and the 200-day EMA ($0.06260).
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was down 1.62% to $0.00001094.
A choppy start to the day saw SHIB rise to an early high of $0.00001130 before sliding to a low of $0.00001072.
SHIB fell through the First Major Support Level (S1) at $0.0000108 before a return to $0.0000109.
Technical Indicators
SHIB needs to move through the $0.0000112 pivot to target the Firsts Major Resistance Level (R1) at $0.0000115 and the Tuesday high of $0.00001155. A marked shift in risk sentiment would be needed to support a breakout from the morning high of $0.00001130.
In the case of a broad-based crypto rebound, SHIB would likely test the Second Major Resistance Level (R2) at $0.0000119 and resistance at $0.0000120 before easing back. The Third Major Resistance Level (R3) at $0.0000126.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0000108 in play. Barring an extended sell-off, SHIB should avoid sub-$0.0000105. The Second Major Support Level (S2) at $0.0000105 would likely limit the downside.
The Third Major Support Level (S3) sits at $0.0000098.
The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00001118. This morning, the 50-day EMA slipped back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The signals were bearish.
A move through 50-day EMA ($0.00001118) would give the bulls a run at the 100-day EMA ($0.00001144) and R1 ($0.0000115). The 200-day EMA sits at $0.00001182. However, failure to move through the 50-day EMA ($0.00001118) would leave the support levels in play.
