DOGE Bulls Target $0.0780 on Shift in Market Sentiment

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) enjoyed a bullish end to the week, with SHIB extending its winning streak to three sessions.
• A bullish afternoon session reversed early losses, fueled by a shift in sentiment towards Fed monetary policy and the US economic outlook.
• The technical indicators are turning bullish, signaling further price gains.

Dogecoin (DOGE) rose by 1.66% on Sunday. Reversing a 0.55% loss from Saturday, DOGE ended the week up 4.41% to $0.0734.

A bearish start to the day saw DOGE fall to an early low of $0.0712 before making a move. DOGE fell through the First Major Support Level at $0.0715. However, tracking the broader market, DOGE surged to a final-hour high of $0.0741

DOGE broke through the First Major Resistance Level (R1) at $0.0730 and briefly through the Second Major Resistance Level (R2) at $0.0737 before ending the session at $0.0734.

Shiba inu coin (SHIB) rose by 2.49% on Sunday. Following a 0.12% gain on Saturday, SHIB ended the week up by 6.40% to $0.00000864. SHIB avoided sub-$0.0000080 for the seventh consecutive session.

A bearish start to the day saw SHIB fall to an early morning low of $0.00000833. Steering clear of the First Major Support Level (S1) at $0.00000830, SHIB rallied to a final-hour high of $0.00000868. SHIB broke through the First Major Resistance Level (R1) at $0.00000864 to end the day at $0.00000864.

Network News and the Broader Crypto Market Delivered Bullish Sessions

Investor sentiment toward Fed monetary policy delivered a bullish Sunday session. After recovering from early losses, the NASDAQ mini kicked off the week in positive territory to support the late extended rally.

Volumes picked up through the Sunday afternoon session, with bets of the Fed taking its foot off the gas driving demand for riskier assets. A less aggressive Fed interest rate trajectory would reduce the risk of a hard landing, which remains the key for riskier assets.

However, network updates are also DOGE and SHIB positive, supporting the gains for the week.

On Saturday, the Shibarium Network provided an update on the Shibarium upgrade, saying,

“While on our last post we wanted to remind everyone that BONE serves as the required gas token for operability within the Shibarium, we would also now like to formally announce that each Shibarium transaction will burn SHIB.”

The Shibarium Network went on to say,

“We are focused in delivery at this time, please stay tuned for additional information and as we approach our beta launch. Please follow @ShibariumNet and our official portals for any information in regards to the protocol.”

The Shibarium upgrade continues to drive demand for SHIB, while the planned development of the Dogecoin network supported the DOGE rebound. The lack of updates on the Twitter integration project had seen DOGE slide back to sub-$0.0700. However, news of the Dogecoin Foundation launching a development fund was bullish.

Today, network updates will remain the focal point for investors. Investors should also monitor the crypto news wires for events that can move the dial. External market forces will influence, with FOMC member chatter and the NASDAQ Index likely to provide direction in the afternoon session.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.63% to $0.0746. A bullish start to the day saw DOGE rally from an early low of $0.0729 to a high of $0.0757 before easing back.

DOGE broke through the First Major Resistance Level (R1) at $0.0746.

Technical Indicators

DOGE needs to avoid a fall through R1 and the $0.0729 pivot to retarget the Second Major Resistance Level (R2) at $0.0758. A return to $0.0750 would signal a bullish afternoon session. However, the crypto news wires and network updates 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 Third Major Resistance Level (R2) at $0.0787.

A fall through R1 and the pivot ($0.0729) would bring the First Major Support Level (S1) at $0.0717 into play. However, barring another extended sell-off, DOGE should avoid sub-$0.0710 and the Second Major Support Level (S2) at $0.0700. The Third Major Support Level (S3) sits at $0.0671.

The EMAs sent a bullish signal, with DOGE sitting above the 100-day EMA, currently at $0.0736. This morning, the 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bullish.

A breakout from R2 ($0.0758) would give the bulls a run at the 200-day EMA ($0.0777) and R3 ($0.0787). However, a fall through the 100-day EMA ($0.0736) would bring the 50-day EMA ($0.0721) and S1 ($0.0717) into play. A fall through the 50-day EMA ($0.0721) would send a bearish signal.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.97% to $0.00000881. A bullish start to the day saw SHIB rally from an early low of $0.00000863 to a high of $0.00000899.

SHIB broke through the First Major Resistance Level (R1) at $0.00000877 and briefly through the Second Major Resistance Level (R2) at $0.00000890.

Technical Indicators

SHIB needs to avoid a fall through R1 and the $0.00000855 pivot to retarget the Second Major Resistance Level (R2) at $0.00000890 and the morning high of $0.00000899. A return to $0.00000890 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and further updates on the Shibarium upgrade.

In the case of an extended rally, SHIB would likely test the Third Major Resistance Level (R3) at $0.00000925.

A fall through R1 and the pivot would bring the First Major Support Level (S1) at $0.00000842 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000840 and the Second Major Support Level (S2) at $0.00000820.

The Third Major Support Level (S3) sits at $0.00000785.

The EMAs send a bullish signal, with SHIB sitting above the 200-day EMA, currently at $0.00000855. This morning, the 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The signals were bullish.

A hold above the 200-day EMA ($0.00000855) and R1 ($0.00000877) would support a breakout from R2 ($0.00000890) to target R3 ($0.00000925). However, a fall through the 200-day ($0.00000855) would give the bears a run at S1 ($0.00000842) and the 50-day EMA ($0.00000836). A fall through the 50-day EMA would send a bearish signal.