DOGE Bulls Target $0.100 on Elon Musk and Vitalik Buterin Chatter
- Dogecoin (DOGE) and shiba inu coin (SHIB) bucked the broader market trend on Friday, with DOGE revisiting $0.0916 in a breakout session.
- Elon Musk was behind the DOGE breakout, with reports of Musk planning to partner with Vitalik Buterin to upgrade DOGE the key driver.
- The technical indicators are turning bullish, with the EMAs signaling further price gains.
On Friday, dogecoin (DOGE) rallied by 9.71%. Reversing a 0.49% loss from Thursday, DOGE ended the day at $0.0893. Notably, DOGE revisited $0.09 for the first time in nine sessions.
A mixed start to the day saw DOGE fall to an early low of $0.0806. Steering clear of the First Major Support Level (S1) at $0.0799, DOGE rallied to a late morning high of $0.0916. DOGE broke through the day’s Major Resistance Levels before falling back through the Third Major Resistance Level (R3) at $0.0894 to end the day at $0.0893.
Shiba inu coin (SHIB) rose by 1.89% on Friday. Reversing a 0.44% loss from Thursday, SHIB ended the day at $0.00000918.
A bearish start to the day saw SHIB fall to an early morning low of $0.00000885. Finding support at the First Major Support Level (S1) at $0.00000887, SHIB surged to a late morning high of $0.00000948. SHIB broke through the First Major Resistance Level (R1) at $0.00000917 and the Second Major Resistance Level (R2) at $0.00000934.
However, SHIB slid back to sub-$0.00000910 before a late move back through R1 to end the day at $0.00000918.
While the US Thanksgiving holidays left crypto trading volumes lower, Dogecoin news delivered a breakout DOGE session.
On Friday, reports of Elon Musk planning to upgrade DOGE with the help of Vitalik Buterin delivered support. David Gokhshtein fueled speculation of a Mush-Buterin collaboration, saying,
“I feel that we’ll all see Vitalik and Elon working together to somehow upgrade DOGE.”
Gokhshtein went on to say,
“They won’t work on Bitcoin – well because Vitalik tried that in the past and was kicked and Elon is interested in turning something that started off as a joke into something serious.”
Momentum from Friday spilled over to today’s session, with DOGE and SHIB on the move.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was up 5.04% to $0.0938. A bullish start to the day saw DOGE rise from an early low of $0.0890 to a high of $0.0955.
DOGE broke through the First Major Resistance Level (R1) at $0.0937.
DOGE needs to avoid a fall through R1 and the $0.0872 pivot to retarget the Second Major Resistance Level (R2) at $0.0982. A return to $0.0940 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 $0.100. The Third Major Resistance Level (R3) sits at $0.1092.
A fall through R1 and the pivot ($0.0872) would bring the First Major Support Level (S1) at $0.0827 into play. Barring an extended sell-off, DOGE should avoid sub-$0.0800 and the Second Major Support Level (S2) at $0.0762. However, further signs of FTX contagion would bring sub-$0.0800 into view.
The Third Major Support Level (S3) sits at $0.0652.
The EMAs sent a bullish signal, with DOGE sitting above the 200-day EMA, currently at $0.0862. The 50-day EMA narrowed to the 100-day EMA, with the 100-day EMA closing in on the 200-day EMA. The price signals were bullish.
A bullish cross of the 100-day EMA through the 200-day EMA would support a breakout from R1 ($0.0937) to bring R2 ($0.0982) and $0.10 into play. However, a fall through the 200-day ($0.0862) and 100-day ($0.0859) EMAs would bring the 50-day EMA ($0.0834) into view.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was up 1.42% to $0.00000931. A bullish start to the day saw SHIB rise from an early low of $0.00000917 to a high of $0.00000937.
SHIB needs to avoid the $0.00000917 pivot to target the First Major Resistance Level (R1) at $0.00000949. A return to $0.00000940 would signal a bullish afternoon session. However, any further contagion news would test buyer appetite.
In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000980 and resistance at $0.0000100. The Third Major Resistance Level (R3) sits at $0.00001043.
A fall through the pivot would bring the First Major Support Level (S1) at $0.00000886 into play. Barring another extended sell-off, SHIB should avoid sub-$0.00000880 and the Second Major Support Level (S2) at $0.00000854.
The Third Major Support Level (S3) sits at $0.00000791.
The EMAs send a bearish signal, with SHIB sitting below the 100-day EMA, currently at $0.00000939. This morning, the 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA eased back from the 200-day EMA. The signals were mixed.
A move through the 100-day EMA ($0.00000939) would support a breakout from R1 ($0.00000949) to give the bulls a run at R2 ($0.00000980) and the 200-day EMA ($0.0000993). However, a fall through the 50-day EMA ($0.00000905) would bring S1 ($0.00000886) into view.