DOGE and SHIB Finish Strongly as Broader Market Responds to the FED

Bob Mason

Wed, Mar 16, 2022, 6:41 PM 3 min read

Key Insights:

It was a bullish Wednesday session for DOGE and SHIB, with DOGE up for the second time in 7 sessions.
Market reaction to the FED monetary policy decision and projections delivered support.
Key technical indicators remain bearish, with DOGE and SHIB sitting below their 100-day EMAs.

It was a bullish day for DOGE and SHIB on Wednesday. Market reaction to the FED’s monetary policy decision and projections delivered support.

Reversing a 1.05% gain from Tuesday, DOGE rose by 3.20% to end the day at $0.1162. SHIB reversed Tuesday’s 1.41% loss with a 4.12% rally to end the day at $0.0000225.

FED Monetary Policy and Projections Support the Crypto Majors

DOGE and SHIB tracked Bitcoin (BTC) into the positive territory late Wednesday. Ahead of the FED monetary policy decision and projections, DOGE and SHIB had given up gains from earlier in the day.

From the U.S, the NASDAQ 100 supported the late rebound. Recovering from negative territory, the NASDAQ 100 ended the day up by 3.77%. Market reaction to the FED is evident in the hourly charts below.

DOGE Price Action

At the time of writing, DOGE was up by 0.60% to $0.1169.

A return to $0.12 levels would ease downside pressure.

Technical Indicators

DOGE will need to avoid the day’s $0.1151 pivot to make a run on the First Major Resistance Level at $0.1180. DOGE would need the broader crypto market to support a move back through to $0.1175 levels.

An extended rally would test the Second Major Resistance Level at $0.1198 and resistance at $0.12. The Third Major Resistance Level sits at $0.1245.

A fall through the pivot would bring the First Major Support Level at $0.1133 into play. Barring an extended sell-off, DOGE should steer clear of sub-$0.11 levels. The Second Major Support Level at $0.1104 should limit the downside.

Despite a choppy start, resistance levels remain in play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. DOGE remains below the 100-day EMA, currently at $0.12, while moving through the 50-day EMA at $0.1160. This morning, the 50-day EMA narrowed to the 100-day and the 200-day EMAs. The 100-day EMA has flattened on the 200-day EMA, also delivering support.

A move through the 100-day EMA, currently at $0.1200, would support a run at $0.1250.

DOGE needs to avoid the 50-day EMA to target $0.12.

SHIB Price Action

At the time of writing, SHIB was up by 1.07% to $0.00002274.

Despite Wednesday’s gain, SHIB sits close to the March low.

Technical Indicators

SHIB will need to avoid the day’s $0.00002256 pivot to make a run on the First Major Resistance Level at $0.0000230. SHIB would need the broader crypto market to break through to $0.0000228 levels.

An extended rally would test the Second Major Resistance Level at $0.0000234 and resistance at $0.0000240. The Third Major Resistance Level sits at $0.0000246.