DOGE Bulls Continue to Target $0.11 Ahead of Fed Chair Powell Speech

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader market in a rebound session on Tuesday, with DOGE wrapping up the day at $0.1014.
• Market risk appetite and Twitter plans to integrate DOGE onto the payment platform delivered price support.
• The technical indicators remain mixed, with the DOGE EMAs signaling further price gains.

On Tuesday, dogecoin (DOGE) rallied by 6.74%. Reversing a 3.55% loss from Monday, DOGE ended the day at $0.1014. Notably, DOGE wrapped up the day at $0.10 for the first time since November 7.

A mixed start to the day saw DOGE fall to an early low of $0.0936. Steering clear of the First Major Support Level (S1) at $0.0906, DOGE rallied to a late morning high of $0.1053. DOGE broke through the First Major Resistance Level (R1) at $0.0995 and the Second Major Resistance Level (R2) at $0.1040.

However, a mixed afternoon saw DOGE fall back through R2 and R1 to end the day at $0.1014.

Shiba inu coin (SHIB) ended the Tuesday flat. Following a 2.05% loss from Monday, SHIB ended the day at $0.00000908.

Tracking DOGE, SHIB fell to an early low of $0.00000899. Steering clear of the First Major Support Level (S1) at $0.00000878, SHIB rose to a mid-morning high of $0.00000931. However, falling short of the First Major Resistance Level (R1) at $0.00000937, SHIB fell back to an afternoon low of $0.00000900 before wrapping up the day at $0.00000908.

After the China protests on Monday, hopes of the Chinese government easing COVID lockdown measures drove demand for riskier assets through the Tuesday morning session.

Easing fear of FTX contagion also provided support as investors brushed aside the news of BlockFi filing for bankruptcy.

For DOGE investors, Twitter integration plans continued to deliver price support.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 4.93% to $0.1064. A bullish start to the day saw DOGE rally from an early low of $0.1009 to a high of $0.1099.

DOGE broke through the First Major Resistance Level (R1) at $0.1066 before easing back.

Technical Indicators

DOGE needs to avoid the $0.1001 pivot to retarget the First Major Resistance Level (R1) at $0.1066 and the morning high of $0.1099. A return to $0.1075 would signal a bullish afternoon session. However, the crypto news wires need to be crypto-friendly to support a breakout session.

In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.1118 and $0.1150. The Third Major Resistance Level (R3) sits at $0.1235.

A fall through the pivot ($0.1001) would bring the First Major Support Level (S1) at $0.0949 into play. Barring an extended sell-off, DOGE should avoid sub-$0.0900 and the Second Major Support Level (S2) at $0.0884. However, further signs of FTX contagion would bring sub-$0.0800 into view.

The Third Major Support Level (S3) sits at $0.0767.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0931. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.

A hold above S1 ($0.0949) and the 50-day EMA ($0.0931) would support a breakout from R1 ($0.1066) to target R2 ($0.1118). However, a fall through S1 ($0.0949) and the EMAs would bring S2 ($0.0884) into view.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 2.20% to $0.00000928. A bullish start to the day saw SHIB rise from an early low of $0.00000906 to a high of $0.00000939.

SHIB broke through the First Major Resistance Level (R1) at $0.00000926.

Technical Indicators

SHIB needs to hold above R1 and the $0.00000913 pivot to target the Second Major Resistance Level (R2) at $0.00000945. A return to $0.00000940 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market today.

In the case of an extended rally, SHIB would likely test resistance at $0.00000950. The Third Major Resistance Level (R3) sits at $0.00000977.

A fall through R1 and the pivot would bring the First Major Support Level (S1) at $0.00000894 into play. Barring another extended sell-off, SHIB should avoid sub-$0.00000890 and the Second Major Support Level (S2) at $0.00000881. The Third Major Support Level (S3) sits at $0.00000849.

The EMAs send a bearish signal, with SHIB sitting below the 100-day EMA, currently at $0.00000930. This morning, the 50-day EMA narrowed on the 100-day EMA, while the 100-day EMA slipped back from the 200-day EMA. The signals were mixed.

A SHIB move through the 100-day EMA ($0.00000930) would support a run at R2 ($0.000000945) and $0.000000950. However, a fall through the 50-day EMA ($0.00000912) would bring S1 ($0.00000894) into view.