DOGE Bulls to Target $0.0700 or Face Sub-$0.0650 on PoS Talk

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) saw red on Friday.
• Proof-of-Stake chatter and Twitter silence left DOGE deep in the red.
• The technical indicators remain bearish, signaling further losses.

Dogecoin (DOGE) slid by 3.94% on Friday. Reversing a 0.71% gain from Thursday, DOGE ended the day at $0.0682. Notably, DOGE ended the day at sub-$0.700 for the first time since October 25.

A mixed start to the day saw DOGE rise to an early high of $0.0715. Coming up short of the First Major Resistance Level (R1) at $0.0719, DOGE slid to an early afternoon low of $0.0659. DOGE fell through the day’s Major Support Levels before a move back through the Third Major Support Level (S3) at $0.0660 to end the day at $0.0682.

Shiba inu coin (SHIB) fell by 1.83% on Friday. Partially reversing a 3.41% gain from Thursday, SHIB ended the day at $0.00000804. SHIB revisited to sub-$0.00000800 for the third consecutive session.

Tracking the broader market, SHIB rose to an early high of $0.00000822. Coming up short of the First Major Resistance Level (R1) at $0.00000835, SHIB slid to an early afternoon low of $0.00000791. SHIB briefly fell through the First Major Support Level (S1) at $0.00000795 before ending the day at $0.00000804.

DOGE and SHIB Set on Different Paths on Network Chatter

It was another loss for DOGE, with Twitter and Elon Musk’s silence sending DOGE to sub-$0.0700 for the third successive session. While Twitter included crypto charts, there have been no updates on plans to integrate DOGE and other cryptos onto the payment platform.

Rumors of Dogecoin moving to a Proof-of-Stake protocol added to the bearish mood. On Thursday, Dogecoin Foundation engineer Michi Lumin attempted to dispel the rumors. However, investors have become wary of the rumor mill that has proven to be more accurate than usual in 2022.

Fortunes are somewhat different for SHIB, with investors anticipating the Shibarium upgrade to take place at the turn of the year.

Today, investors should continue to monitor the crypto news wires for updates. Twitter and Elon Musk commentary and SHIB network updates will be the main areas of interest.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.15% to $0.0681. A mixed start to the day saw DOGE rise to an early high of $0.0686 before falling to a low of $0.0679.

Technical Indicators

DOGE needs to move through the $0.0685 pivot to target the First Major Resistance Level (R1) at $0.0711 and the Friday high of $0.0715. A return to $0.0710 would signal a bullish afternoon session. However, the crypto news wires and Twitter news 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 $0.0741. The Third Major Resistance Level (R3) sits at $0.0797.

Failure to move through the pivot ($0.0685) would leave the First Major Support Level (S1) at $0.0656 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0650 and the Second Major Support Level (S2) at $0.0629. The Third Major Support Level (S3) sits at $0.0573.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0730. This morning, the 50-day EMA slid back from the 200-day EMA, with the 100-day EMA falling back from the 200-day EMA. The price signals were bearish.

A move through R1 ($0.0711) would support a run at the 50-day EMA ($0.0730) and R2 ($0.0741). However, failure to move through the 50-day EMA ($0.0730) would leave DOGE under pressure.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.37% to $0.00000807. A bullish start to the day saw SHIB rise from an early low of $0.00000804 to a high of $0.00000809.

Technical Indicators

SHIB needs to avoid a fall through the $0.00000806 pivot to target the First Major Resistance Level (R1) at $0.00000820 and the Friday high of $0.00000822. A return to $0.00000820 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and updates on the Shibarium upgrade.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000837. The Third Major Resistance Level (R3) sits at $0.00000868.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000789 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000780 and the Second Major Support Level (S2) at $0.00000775.

The Third Major Support Level (S3) sits at $0.00000744.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000817. This morning, the 50-day EMA slipped back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA. The signals were bearish.

A breakout from the 50-day EMA ($0.00000817) and R1 ($0.00000820) would support a run at the 100-day EMA ($0.00000836) and R2 ($0.00000837). A move through the 50-day EMA would send a bullish signal. However, failure to move through the 50-day EMA ($0.00000817) would leave SHIB under pressure. The 200-day EMA sits at $0.00000871.