SHIB Reverses Friday’s Loss, with DOGE in Tow

Key Insights:

• It was a bullish session for DOGE and SHIB on Saturday.
• Updates on Shiba Inu coin burn rates gave SHIB a much-needed boost.
• Technical indicators remain bearish for SHIB, while DOGE sits above the 100-day EMA.

It was a bullish day for DOGE and SHIB on Saturday.

News updates on Shiba Inu coin burn rates provided SHIB support. A pickup in investor appetite following Friday’s rout delivered DOGE support.

Partially reversing a 2.33% loss from Friday, DOGE rose by 1.12% to end the day at $0.1442. SHIB reversed a 3.99% slide with a 3.40% gain to end the day at $0.00002462.

Elsewhere, LUNA rallied by 4.13% to lead the way, with SOL (+2.72%) finding strong support.

Despite the improved market sentiment, Bitcoin (BTC) (+1.25%) failed to return to $43,000 levels.

Shiba Inu Coin Burn Rates Deliver a SHIB Boost

Burn rates continued to deliver SHIB support following last week’s news of Bitcoins of America adding Shiba Inu coins to BTMS across the U.S.

According to Shibburn, 1,616,890,975 SHIB were burned over the last 24-hours, giving a burn rate of 6,994.65%.

In Dollar terms, there were several sizeable burns over the last 5-hours. The reduced supply delivered SHIB price support.

DOGE Price Action

At the time of writing, DOGE was down 0.28% to $0.1438.

Technical Indicators

DOGE will need to avoid the day’s $0.1431 pivot to make a run on the First Major Resistance Level at $0.1457. DOGE would need the broader crypto market to support a return to $0.1450.

An extended rally would test the Second Major Resistance Level at $0.1471 and resistance at $0.15. The Third Major Resistance Level sits at $0.1511.

A fall through the pivot would test the First Major Support Level at $0.1417. Barring another extended sell-off, DOGE should steer clear of sub-$0.14 levels. The Second Major Support Level sits at $0.1391.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 100-day EMA, currently at $0.1424. This morning, 50-day EMA narrowed to the 100-day EMA. The 100-day EMA pulled away from the 200-day; DOGE positive.

A move through the 50-day EMA, currently at $0.1459, would support a return to $0.15.

SHIB Price Action

At the time of writing, SHIB was down 0.12% to $0.00002459.

Technical Indicators

SHIB will need to avoid the day’s $0.0000243 pivot to make a run on the First Major Resistance Level at $0.0000250. SHIB would need the broader crypto market to break out from $0.0000245 levels.

An extended rally would test the Second Major Resistance Level at $0.0000253 and resistance at $0.000026. The Third Major Resistance Level sits at $0.0000263.

A fall through the pivot would bring the First Major Support Level at $0.0000240 into play. Barring another extended sell-off, SHIB should steer clear of sub-$0.0000235 levels. The Second Major Support Level sits at $0.0000233.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits below the 200-day EMA at $0.0000251. This morning, the 50-day EMA narrowed to the 200-day EMA following Saturday’s bearish cross. The 100-day EMA closed in on the 200-day EMA, SHIB negative.

A move through the 200-day EMA would support a run at $0.000026 levels.