Key Insights:
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It was a bearish session for DOGE and SHIB on Wednesday.
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Market sentiment towards FED monetary policy and reaction to the FOMC meeting minutes weighed.
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Technical indicators have turned bearish for SHIB, while DOGE holds above the 100-day EMA.
It was a bearish day for DOGE and SHIB on Wednesday.
Market sentiment towards FED monetary policy sank DOGE and SHIB, with the FOMC meeting minutes adding to the crypto market angst mid-week.
Reversing a 16.17% jump from Tuesday, DOGE tumbled by 16.82% to end the day at $0.1434. SHIB reversed a 1.13% gain with an 8.97% slide to end the day at $0.00002435.
FED Monetary Policy Sinks DOGE and SHIB
Following this week’s news of Elon Musk taking a seat on the board of Twitter (TWTR), the market focus shifted to monetary policy mid-week.
Plans for the more aggressive removal of accommodative measures hit the crypto market overnight. On Wednesday, the FOMC meeting minutes revealed plans to reduce the FED’s bond holdings by around $95 billion each month.
DOGE Price Action
At the time of writing, DOGE was down by 0.07% to $0.1433. A mixed start to the day saw DOGE rise to an early morning high of $0.1444 before easing back.
Technical Indicators
DOGE will need to move through the day’s $0.1532 pivot to make a run on the First Major Resistance Level at $0.1645. DOGE would need the broader crypto market to support a move to $0.16 levels.
An extended rally would test the Second Major Resistance Level at $0.1857 and resistance at $0.19. The Third Major Resistance Level sits at $0.2182.
Failure to move through the pivot would test the First Major Support Level at $0.1320. Barring another extended sell-off, DOGE should steer clear of sub-$0.1300 levels. The Second Major Support Level sits at $0.1207.
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 $0.1410. This morning, 50-day EMA narrowed to the 100-day EMA. The 100-day EMA flattened on the 200-day EMA; DOGE negative.
A move through the 50-day EMA at $0.1470 would support a return to $0.16.
SHIB Price Action
At the time of writing, SHIB was up by 0.49% to $0.00002447. A bullish start to the day saw SHIB rise to an early morning high of $0.00002456.
Technical Indicators
SHIB will need to move through the day’s $0.0000251 pivot to make a run on the First Major Resistance Level at $0.0000261. SHIB would need the broader crypto market to break back to $0.000026 levels.
An extended rally would test the Second Major Resistance Level at $0.0000278 and resistance at $0.000028. The Third Major Resistance Level sits at $0.0000304.