DOGE Bulls Eye a Return to $0.0900 on Elon Musk Support

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in positive territory on Tuesday.
• There were no network updates to provide direction, leaving US economic indicators, the NASDAQ Index, and the crypto news wires to influence.
• The technical indicators turned more bullish, signaling further price gains.

Dogecoin (DOGE) rose by 1.71% on Tuesday. After a flat Monday session, DOGE ended the day at $0.0835.

After a range-bound morning, DOGE fell to an early afternoon low of $0.0802. Steering clear of the First Major Support Level (S1) at $0.0788, DOGE rallied to a mid-afternoon high of $0.0838. However, falling short of the First Major Resistance Level (R1) at $0.0860, DOGE eased back to end the day at $0.0835.

Shiba inu coin (SHIB) rose by 2.25% on Tuesday. Partially reversing a 2.81% loss from Monday, SHIB ended the day at $0.00001275.

Tracking the broader market, SHIB fell to an early afternoon low of $0.00001200 before making a move. Steering clear of the First Major Support Level (S1) at $0.00001195, SHIB rallied to a mid-afternoon high of $0.00001285. However, falling short of the First Major Resistance Level (R1) at $0.00001303, SHIB eased back to end the day at $0.00001275.

US Lawmaker Scrutiny of Gary Gensler and the SEC Delivers Support

It was another quiet session on Tuesday. The Shibarium Network remained silent on the Shibarium Upgrade, with investors waiting for an upgrade date and transaction details. The Dogecoin Foundation also remained quiet, with no updates since launching the Development Fund.

Elon Musk support from the Super Bowl continued providing DOGE price support as investors await Twitter to resume its Crypto integration program. The support coincided with a marked increase in regulatory risk as investors responded to the latest SEC moves against crypto platforms.

However, US lawmakers provided market relief on Tuesday, easing fears of a Gary Gensler free reign to regulate by enforcement.

On Tuesday, the Senate Banking Committee held a hearing, Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets. Questions over Gary Gensler and the SEC’s regulation by enforcement and lack of SEC guidance to crypto firms highlighted Gensler and the SEC’s failings.

There were also calls for Gensler to testify sooner rather than later, with lawmakers noting Gensler’s appearances on morning talk shows.

The Day Ahead

US economic indicators, Fed chatter, and the SEC will remain in focus today. Following the US CPI Report, a sharp rise in consumer spending would support a more aggressive Fed interest rate path to bring inflation to target. A third consecutive monthly decline would reignite recession fears, however.

While the stats and the NASDAQ Composite Index will provide direction, SEC activity, network updates, and US lawmaker chatter will need monitoring.

Dogecoin (DOGE) Price Action

This morning, DOGE was up 2.75% to $0.0858. A mixed start to the day saw DOGE fall to an early low of $0.0825 before rising to a high of $0.0878. DOGE broke through the First Major Resistance Level (R1) at $0.0848 and briefly through the Second Major Resistance Level (R2) at $0.0861.

Technical Indicators

DOGE needs to avoid a fall through R1 and the $0.0848 pivot to retarget the Second Major Resistance Level (R2) at $0.0861 and the morning high of $0.0878. A return to $0.0870 would signal an extended bullish session. However, the broader crypto market and network updates need to be DOGE-friendly to support a breakout session.

In the event of an extended rally, the Third Major Resistance Level (R3) at $0.0897 would likely come into play.

A fall through R1 and the pivot would bring the First Major Support Level (S1) at $0.0812 into play. However, barring another SEC-fueled extended sell-off, DOGE should avoid sub-$0.0800 and the Second Major Support Level (S2) at $0.0789. The Third Major Support Level (S3) sits at $0.0753.

The EMAs sent a more bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0848. The 50-day EMA narrowed to the 200-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.

A move through the 200-day ($0.0858) and 100-day ($0.0862) EMAs would support a breakout from R2 ($0.0861) to target R3 ($0.0897). However, a fall through the 50-day EMA would bring S1 ($0.0812) into view. A fall through the 50-day EMA would send a bearish signal.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.08% to $0.00001276. A mixed start to the day saw SHIB fall to an early low of $0.00001254 before rising to a high of $0.00001284.

Technical Indicators

SHIB needs to avoid a fall through the $0.00001253 pivot to target the First Major Resistance Level (R1) at $0.00001307. A return to $0.00001300 would signal an extended bullish session. However, SHIB would need more details on the Shibarium upgrade and broader market support to deliver a breakout session.

In the event of an extended rally, SHIB could test the Second Major Resistance Level (R2) at $0.00001338 and resistance at $0.00001350. The Third Major Resistance Level (R3) sits at $0.00001423.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001222 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.000012 and the Second Third Major Support Level (S2) at $0.00001168.

The Third Major Support Level (S3) sits at $0.00001083.

The EMAs sent a more bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00001274. The 50-day EMA flattened on the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A move through the 50-day ($0.00001287) would support a breakout from R1 ($0.00001307) to bring R2 ($0.00001338) and $0.00001350 into play. A move through the 50-day EMA would send a bullish signal. However, a fall through the 100-day EMA ($0.00001274) would bring S1 ($0.00001222) and the 200-day EMA ($0.00001206) into view.