Key Insights:
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It was a mixed session for DOGE and SHIB on Monday, with DOGE bucking the broader market trend.
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News of Elon Musk having a 9.2% stake in Twitter delivered DOGE support.
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Key technical indicators remain bullish, with DOGE and SHIB holding above the 50-day EMAs.
It was a mixed day for DOGE and SHIB on Monday.
SHIB succumbed to crypto market forces, with bearish sentiment dragging on the broader market. Elon Musk provided DOGE support, however.
Following a 5.55% rally on Sunday, DOGE rose by 1.30% to end the day at $0.1415. SHIB partially reversed a 3.83% gain with a 1.38% loss to end the day at $0.00002645.
Elsewhere, LUNA rallied by 3.06%, with ADA up 2.28% to join BTC (+0.48%) and DOGE in positive territory.
SOL led the way down, sliding by 3.46%, with AVAX (-2.11%) and XRP (-2.01%) also struggling.
BNB (-0.49%) and ETH (-0.06%) saw modest losses on the day.
DOGE Finds Support from Elon Musk Twitter Stake
On Monday, news hit the wires of Elon Musk holding a 9.2% stake in Twitter (TWTR). According to regulatory filings with the SEC, Musk holds 73,486,938 shares of common stock, equivalent to a 9.2% stake. The news followed some Elon Musk chatter on Twitter in late March.
Last month, we reported Elon Musk tweeting whether Twitter fails to support free speech. Suggestions of Elon Musk buying Twitter and changing the logo to the DOGE delivered DOGE price support at the time.
DOGE Price Action
At the time of writing, DOGE was flat at $0.1484.
Technical Indicators
DOGE will need to move through the day’s $0.1488 pivot to make a run on the First Major Resistance Level at $0.1561. DOGE would need the broader crypto market to support a move to $0.1550 levels.
An extended rally would test the Second Major Resistance Level at $0.1638 and resistance at $0.1650. The Third Major Resistance Level sits at $0.1788.
A fall through the pivot would test the First Major Support Level at $0.1411. Barring an extended sell-off, DOGE should steer clear of sub-$0.1400 levels. The Second Major Support Level sits at $0.1338.
Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 50-day EMA, currently at $0.1419. This morning, 50-day EMA pulled away from the 100-day EMA. The 100-day EMA pulled away from the 200-day EMA after last week’s bullish cross; DOGE positive.
Holding above the 50-day EMA would support a move back through to $0.17.
SHIB Price Action
At the time of writing, SHIB was up by 0.45% to $0.00002657.
Technical Indicators
SHIB will need to avoid the day’s $0.0000265 pivot to make a run on the First Major Resistance Level at $0.0000274. SHIB would need the broader crypto market support to break back to $0.000027 levels.