DOGE Bulls Eye a Return to $0.0780 to Target $0.080 on Twitter Hopes

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in positive territory on Saturday, though the gains were modest.
• There were no crypto events or external market forces to provide direction, leaving hopes of integration onto the Twitter platform to provide support.
• However, the technical indicators remain bearish, signaling further losses.

On Saturday, dogecoin (DOGE) rose by 0.26%. Following a 0.65% gain on Friday, DOGE ended the day at $0.0776. Notably, DOGE ended the session at sub-$0.0800 for the ninth consecutive day.

A mixed start to the day saw DOGE fall to an early morning low of $0.0767. Steering clear of the First Major Support Level (S1) at $0.0762, DOGE rose to an early evening high of $0.0782. However, falling short of the First Major Resistance Level (R1) at $0.0788, DOGE eased back to end the day at sub-$0.0776.

Shiba inu coin (SHIB) rose by 0.73% on Saturday. Partially reversing a 0.96% loss from Friday, SHIB ended the day at $0.00000832. SHIB ended the day at sub-$0.0000090 for the eleventh consecutive session.

A mixed morning saw SHIB fall to a mid-morning low of $0.00000823. Steering clear of the First Major Support Level (S1) at $0.00000818, SHIB rose to an early evening high of $0.00000835. However, coming up short of the First Major Resistance Level (R1) at $0.00000838, SHIB eased back to end the day at $0.00000832.

Twitter Hopes Continued to Provide DOGE Support

An update to the Twitter platform continued to provide DOGE price support on Saturday. Investors reacted to the inclusion of cryptos on Twitter. Users can search for cryptos and view Trading View-powered charts, raising hopes of Twitter completing its crypto integration project.

The presence of crypto charts on Twitter reignited hopes of Twitter completing the crypto integration project that could see a sharp increase in DOGE usage.

DOGE had tumbled on news of Elon Musk searching for a new CEO. However, the latest inclusion suggests that the CEO needs to be crypto-friendly.

The news of Bitstamp adding DOGE pairs is also price positive, supporting the recent move toward $0.080.

However, with the news wires on the quiet side today, DOGE and SHIB will likely see a range-bound session. Investors will need details of Twitter’s plans to integrate DOGE onto the platform, including timelines, to make a move back toward $0.10.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.90% to $0.0769. A bearish start to the day saw DOGE fall from an early high of $0.0777 to a low of $0.0767.

This morning, the First Major Support Level (S1) at $0.0768 limited the downside.

Technical Indicators

DOGE needs to move through the $0.0775 pivot to target the First Major Resistance Level (R1) at $0.0783. A return to $0.0780 would signal a bullish afternoon session. However, the crypto news wires need to be DOGE-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 $0.0790. The Third Major Resistance Level (R3) sits at $0.0805.

Failure to move through the pivot ($0.0775) would leave the First Major Support Level (S1) at $0.0768 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0750. The Second Major Support Level (S2) at $0.0760 should limit the downside. The Third Major Support Level (S3) sits at $0.0745.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0782. This morning, the 50-day EMA eased back from the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA. The price signals were bearish.

A move through the 50-day EMA ($0.0782) and R1 ($0.0783) would bring R2 ($0.0790) into view. However, failure to move through the 50-day EMA ($0.0782) would leave DOGE under pressure.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was flat at $0.00000832. A mixed start to the day saw SHIB rise to an early high of $0.00000839 before falling to a low of $0.00000830.

The First Major Resistance Level (R1) at $0.00000837 capped the upside.

Technical Indicators

SHIB needs to avoid a fall through the $0.00000830 pivot to retarget the First Major Resistance Level (R1) at $0.00000837 and the morning high of $0.00000839. A return to $0.00000835 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000842. The Third Major Resistance Level (R3) sits at $0.00000854.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000825 into play. However, barring an extended sell-off, SHIB should avoid sub-$0.00000815. The Second Major Support Level (S2) at $0.00000818 should limit the downside.

The Third Major Support Level (S3) sits at $0.00000806.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000842. This morning, the 50-day EMA eased back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00000837) would give the bulls a run at R2 ($0.00000842) and the 50-day EMA ($0.00000842). A breakout from the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($0.00000842) would leave SHIB under pressure.