SHIB and DOGE Collapse amid Broad Market Sell-off

Dogecoin and Shiba Inu secure early foothold following Monday’s broad market crash. Failure to keep pivots away would see the meme coins under pressure.

  • DOGE and SHIB saw bearish sessions as the meme tokens succumbed to broad market forces.
  • Elon Musk hit DOGE earlier on the day as news of the Tesla CEO not joining the Twitter board ruined the asset’s mood.
  • The leading dog coins have their technical indicators flashing bearish, DOGE standing beneath 200-dayEMA and SHIB beneath 50-dayEMA.

Meme cons suffered bearish actions on Monday. Elon Musk sank Dogecoin earlier as bearish sentiment across the crypto market weighed on SHIB and DOGE throughout the day.

DOGE dropped 9.45% to reverse Sunday’s 2.77% surge, ending the day near $0.1342. Shiba Inu followed its 0.65% drop with a 9.32% crash to close the day around $0.00002218.

Elon Musk Hits Dogecoin

After the weekend market euphoria of Tesla CEO entering the Twitter board, the report turned negative for DOGE on Monday. News about Musk not joining Twitter leadership yesterday had Dogecoin dropping 7.4%.

Moreover, the hike in ten-year US Treasury yields to the highest mark since 2019 added to the market woes. Risky markets suffer inflation worries. Investors await a more aggressive approach by Fed to controlling inflation.

Dogecoin Price Action

DOGE traded near $0.1392 at this writing. The meme coin requires a move beyond the $0.1395 day’s pivot to climb towards the initial massive resistance zone at $0.1460. Broad market support is necessary to support DOGE’s $0.1400 return.

The extended upside would see Dogecoin hitting the 2nd massive resistance at $0.157 before exploring the hurdle at $0.16. The 3rd resistance sat at $0.1761. However, weakness near the pivot would see the crypto at the first support of $0.1277. The 2nd crucial support sat at $0.1212.

Shiba Inu Price Action

The DOGE-competitor trades at $0.00002291. SHB should overcome the pivot at $0.0000229 to challenge the first resistance at $0.0000239. Improved market sentiment might see the alt exploring the 2nd hurdle at $0.0000257. The 3rd obstacle for Shiba Inu stands at $0.0000285.

Failure to overpower the pivot level would see SHIB plunging to the initial support at $0.0000211. Meanwhile, the second crucial support at $0.0000201 should prevent further downside.

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