DOGE Bulls to Target $0.0850 as SHIB Meanders towards $0.00001

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) had a bullish Thursday session, with DOGE extending its winning streak to five sessions.
• US economic indicators, the broader crypto market, and recent network updates provided support.
• The technical indicators are bullish, signaling further price gains.

Dogecoin (DOGE) rose by 2.69% on Thursday. Following a 0.26% gain on Wednesday, DOGE ended the day at $0.0801. DOGE ended the day at $0.0800 for the first time since December 15.

A bullish start to the day saw DOGE rise to an early morning high of $0.0812. DOGE broke through the First Major Resistance Level (R1) at $0.0795. Coming up against the Second Major Resistance Level (R2) at $0.0811, DOGE slid to an early afternoon low of $0.0749. DOGE fell through the First Major Support Level (S1) at $0.0755.

However, finding afternoon support, DOGE broke back through R1 to end the day at $0.0801.

Shiba inu coin (SHIB) rose by 3.84% on Thursday. Reversing a 1.51% loss from Wednesday, SHIB ended the day at $0.00000947. SHIB wrapped up the day at $0.0000090 for the third time since December 13.

A bullish start to the day saw SHIB rally to an early morning high of $0.00000969. SHIB broke through the First Major Resistance Level (R1) at $0.00000938. Coming up against the Second Major Resistance Level (R2) at $0.00000963, SHIB slid to an early afternoon low of $0.00000882.

However, steering clear of the First Major Support Level (S1) at $0.00000876, SHIB broke back through R1 to end the day at $0.00000947.

US Economic Indicators and a Bullish Crypto Session Delivered Support

There were no network updates for investors to consider on Thursday. The lack of network news left DOGE and SHIB in the hands of the broader crypto market.

On Thursday, the all-important US CPI Report and weekly jobless claims figures drove demand for riskier assets. Softer inflation numbers and tight labor market conditions pointed to a soft landing, a boon for riskier assets.

The NASDAQ Composite Index and the S&P 500 rose by 0.64% and 0.34%, respectively, supporting the bullish crypto market session.

Beyond the US economic calendar, easing fears of FTX contagion also delivered a boost. News of lawyers identifying $5 billion in cash and cash equivalents and $4.6 billion in nonstrategic assets eased fears of FTX contagion.

Today, investors need to monitor Shibarium Network updates and Twitter chatter. A Shibarium upgrade date would be bullish for SHIB while uncertainty lingers over DOGE’s future on Twitter.

However, US economic indicators and corporate earnings will influence the afternoon session.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.37% to $0.0798. A mixed start to the day saw DOGE rise to an early high of $0.0814 before falling to a low of $0.0792.

Technical Indicators

DOGE needs to avoid a fall through the $0.0787 pivot to target the First Major Resistance Level (R1) at $0.0826. A move through the morning high of $0.0814 would signal a bullish session. However, the US economic indicators 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 Second Major Resistance Level (R2) at $ $0.0850. The Third Major Resistance Level (R3) sits at $0.0913.

A fall through the pivot ($0.0787) would bring the First Major Support Level (S1) at $0.0763 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0750 and the Second Major Support Level (S2) at $0.0724. The Third Major Support Level (S3) sits at $0.0661.

The EMAs sent a bullish signal, with DOGE sitting above the 200-day EMA, currently at $0.0756. This morning, the 50-day EMA closed in on the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bullish.

A hold above the 200-day EMA ($0.0756) would support a breakout from R1 ($0.0826) to target ($0.0850). However, a fall through the 200-day EMA ($0.0756) would give the bears a run at S1 ($0.0763) and the 50-day EMA ($0.0756). A fall through the 50-day EMA would signal a shift in sentiment.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 1.27% to $0.00000935. A mixed start to the day saw SHIB rise to an early high of $0.00000951 before falling to a low of $0.00000928.

Technical Indicators

SHIB needs to avoid the $0.00000933 pivot to target the First Major Resistance Level (R1) at $0.00000983. A move through the Thursday high of $0.00000969 would signal a 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, the Second Major Resistance Level (R2) at $0.00001020 would likely come into play. The Third Major Resistance Level (R3) sits at $0.00001107.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000896 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000880 and the Second Major Support Level (S2) at $0.00000846.

The Third Major Support Level (S3) sits at $0.00000759.

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00000884. After the Tuesday bullish cross, the 50-day EMA pulled further away from the 200-day EMA, with the 100-day EMA converging on the 200-day EMA. The signals were bullish.

A bullish cross of the 100-day EMA through the 200-day EMA would support a breakout from R1 ($0.00000983) to target R2 ($0.00001020). However, a fall through S1 ($0.00000896) and the 50-day EMA ($0.00000884) would bring the 200-day EMA ($0.00000866) into view.

A fall through the 50-day ($0.00000870) would signal a shift in sentiment.