DOGE Bulls to Target $0.0800 on Rekindled Twitter Integration Hopes

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in positive territory, with DOGE in breakout mode.
• Twitter news delivered a bullish session, while US economic indicators fueled bets of a more hawkish Fed.
• However, the technical indicators remain bearish, signaling further losses.

On Thursday, dogecoin (DOGE) rallied by 4.20%. Reversing a 1.47% fall from Wednesday, DOGE ended the day at $0.0769. Notably, DOGE ended the session at sub-$0.0800 for the seventh consecutive day.

A mixed start to the day saw DOGE fall to a mid-morning low of $0.0732. Steering clear of the First Major Support Level (S1) at $0.0717, DOGE rallied to a mid-day high of $0.0779. DOGE broke through the First Major Resistance Level (R1) at $0.0755 and briefly through the Second Major Resistance level (R2) at $0.0772 before ending the day at $0.0769.

Shiba inu coin (SHIB) rose by 1.09% on Thursday. Partially reversing a 2.37% fall from Wednesday, SHIB ended the day at $0.00000834. SHIB ended the day at sub-$0.0000090 for the ninth consecutive session.

Tracking DOGE through the morning, SHIB rose to a mid-day high of $0.00000844. Coming up against the First Major Resistance Level (R1) at $0.00000843, SHIB fell to a late afternoon low of $0.00000816. However, steering clear of the First Major Support Level (S1) at $0.00000813, SHIB bounced back to end the day at $0.00000834.

Twitter, US Stats, and the NASDAQ Index Deliver a Mixed Session

On Thursday, investors reacted to the inclusion of cryptos on Twitter. Users can search for cryptos and view Trading View-powered charts, raising hopes of Twitter completing its crypto integration project.

DOGE has fallen sharply since Twitter hit pause on its integration project. The Twitter inclusion of the crypto pairings and Trading View charts could see DOGE reverse its recent losses.

News of Bitstamp adding DOGE delivered further support. On Thursday, Bitstamp announced,

“We’ve listed DOGE (Dogecoin) for our customers. Much wow! Buy and sell with no trading fees up to $1,000 over the past 30 days.”

While DOGE enjoyed a breakout session, SHIB tracked the NASDAQ Index in the afternoon session. US economic indicators and US corporate news sent the NASDAQ and the broader crypto market into the red before a late rebound.

Today, Twitter and Elon Musk news will continue to influence. However, investors will also need to consider US inflation and personal spending numbers later in the day.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.30% to $0.0779. A bullish start to the day saw DOGE rise from an early low of $0.0766 to a high of $0.0786.

Technical Indicators

DOGE needs to avoid the $0.0760 pivot to retarget the First Major Resistance Level (R1) at $0.0788. A move through the morning high of $0.0786 would signal a bullish afternoon session. However, the NASDAQ Composite Index and Twitter 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 Second Major Resistance Level (R2) at $0.0807. The Third Major Resistance Level (R3) sits at $0.0854.

A fall through the pivot ($0.0760) would bring the First Major Support Level (S1) at $0.0741 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.070. The Second Major Support Level (S2) at $0.0713 should limit the downside. The Third Major Support Level (S3) sits at $0.0666.

The EMAs sent a bearish signal, with DOGE sitting below the 50-day EMA, currently at $0.0787. This morning, the 50-day EMA eased 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 the 50-day EMA ($0.0787) and R1 ($0.0788) would bring R2 ($0.0807) into view. However, failure to move through the 50-day EMA ($0.0787) would leave DOGE under pressure.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.72% to $0.00000840. A bullish start to the day saw SHIB rise from an early low of $0.00000832 to a high of $0.00000840.

Technical Indicators

SHIB needs to avoid the $0.00000831 pivot to target the First Major Resistance Level (R1) at $0.00000847. A move through the Thursday high of $0.00000844 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market.

In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000859. The Third Major Resistance Level (R3) sits at $0.00000887.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000819 into play. However, barring an extended sell-off, SHIB should avoid sub-$0.00000800. The Second Major Support Level (S2) at $0.00000803 should limit the downside.

The Third Major Support Level (S3) sits at $0.00000775.

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000850. This morning, the 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00000847) and the 50-day EMA ($0.00000850) would give the bulls a run at R2 ($0.00000859). However, failure to move through the 50-day EMA ($0.00000850) would leave SHIB under pressure.