DOGE Bulls Eye a Return to $0.0900 to Target $0.100 on Musk Support

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in a bearish Thursday session.
• US economic indicators and hawkish Fed commentary overshadowed easing regulatory risk and network sentiment.
• The technical indicators remained bullish, signaling further price gains.

Dogecoin (DOGE) fell by 4.93% on Thursday. Partially reversing a 6.95% gain from Wednesday, DOGE ended the day at $0.0849.

After a choppy start to the day, DOGE rallied to a late afternoon high of $0.0919. Coming up against the First Major Resistance Level (R1) at $0.0918, DOGE slid to a late low of $0.0846. However, finding support at the First Major Support Level (S1) at $0.0847, DOGE ended the session at $0.0849.

Shiba inu coin (SHIB) slid by 7.64% on Thursday. Reversing a 7.84% rally from Wednesday, SHIB ended the day at $0.00001270.

A bullish start to the day saw SHIB rise to a mid-morning high of $0.00001399. Coming up short of the First Major Resistance Level (R1) at $0.00001424, SHIB slid to a late low of $0.00001256. SHIB fell through the First Major Support Level (S1) at $0.00001290 to end the day at $0.00001270.

US Economic Indicators and Hawkish Fed Chatter Weighed on Meme Coins

It was another quiet session on Thursday for SHIB and DOGE. The Shibarium Network and the Dogecoin Foundation have remained silent since January, leaving the pair in the hands of the broader crypto market.

While plans to integrate DOGE onto the Twitter payment platform and the Shibarium upgrade are bullish events, a lack of updates has tested investor sentiment.

Hotter-than-expected US wholesale inflation and tight labor market conditions led to hawkish Fed chatter on Thursday, which added to the bearish mood.

The Day Ahead

There are no US economic indicators for investors to consider, leaving network updates and Elon Musk tweets to influence. However, a lack of network updates would leave DOGE and SHIB in the hands of the crypto news wires. Fed Fear and regulatory uncertainty linger today, with SEC activity and Fed chatter likely to provide direction.

Dogecoin (DOGE) Price Action

This morning, DOGE was up 1.06% to $0.0858. A mixed morning saw DOGE fall to an early low of $0.0843 before rising to a high of $0.0868.

Technical Indicators

DOGE needs to move through the $0.0871 pivot to target the First Major Resistance Level (R1) at $0.0897 and the Thursday high of $0.0919. A return to $0.0900 would signal another bullish afternoon. 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 Second Major Resistance Level (R2) at $0.0944 and $0.0950 would likely come into play. The Third Major Resistance Level (R3) sits at $0.1017.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.0824 in play. However, barring another SEC-fueled extended sell-off, DOGE should avoid sub-$0.0800 and the Second Major Support Level (S2) at $0.0798. The Third Major Support Level (S3) sits at $0.0725.

The EMAs sent a more bullish signal, with DOGE sitting above the 200-day EMA, currently at $0.08650. The 50-day EMA closed in on the 200-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.

A bullish cross of the 50-day EMA through the 200-day and 100-day EMAs would support a breakout from R1 ($0.0897) to target ($0.0944) and $0.0950. However, a fall through the 200-day ($0.0860) and 50-day ($0.0859) EMAs would bring S1 ($0.0824) 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 2.91% to $0.00001307. A mixed morning saw SHIB fall to an early low of $0.00001263 before rising to a high of $0.00001319.

Technical Indicators

SHIB needs to move through the $0.00001308 pivot to target the First Major Resistance Level (R1) at $0.00001361 and the Thursday high of $0.00001399. A return to $0.00001350 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 $0.00001451. The Third Major Resistance Level (R3) sits at $0.00001594.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00001218 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.000012 and the Second Third Major Support Level (S2) at $0.00001165.

The Third Major Support Level (S3) sits at $0.00001022.

The EMAs sent a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001306. The 50-day EMA moved away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A hold above the 50-day ($0.00001306) would support a breakout from R1 ($0.00001361) to bring R2 ($0.00001451) into play. However, a fall through the 50-day ($0.00001306) and 100-day ($0.00001288) EMAs would bring the 200-day EMA ($0.00001221) and S1 ($0.00001218) into view. A fall through the 50-day EMA would send a bearish signal.