DOGE Bulls to Target $0.0850 with SHIB Eying a Return to $0.0000100

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) enjoyed a bullish start to the week, with SHIB extending its winning streak to four sessions.
• A broad-based crypto rally delivered support, with network news continuing to drive demand for DOGE and SHIB.
• The technical indicators are turning bullish, signaling further price gains.

Dogecoin (DOGE) rallied by 3.13% on Monday. Following a 1.66% gain on Sunday, DOGE ended the day at $0.0758.

Bullish through the morning, DOGE rallied from an early low of $0.0729 to a late afternoon high of $0.0796. DOGE broke through the Major Resistance Levels before falling back through the Third Major Resistance Level (R3) at $0.0787 to end the day at $0.0758. The Second Major Resistance Level (R2) at $0.0758 delivered late support.

Shiba inu coin (SHIB) rose by 0.58% on Monday. Following a 2.49% gain on Sunday, SHIB ended the day at $0.00000869. SHIB revisited $0.0000090 for the first time since December 18.

Tracking the broader market, SHIB rallied to a late afternoon high of $0.00000920. SHIB broke through the First Major Resistance Level (R1) at $0.00000877 and the Second Major Resistance Level (R2) at $0.00000890. However, a late reversal saw SHIB slide to a low of $0.00000856. Steering clear of the Major Support Levels, SHIB ended the day at $0.00000869.

The Broader Crypto Market and Network Updates Drove Buyer Appetite

The bullish afternoon session from Sunday continued into the Monday session. Investor sentiment toward the Fed and the reopening of China drove demand for riskier assets.

DOGE and SHIB benefited from the bullish session, with recent network updates supporting extended rallies. However, there were no updates from the Shibarium Network to fuel an extended breakout, leaving investors to lock in profits late in the Monday session.

On Monday, WhaleStats released data supporting the latest DOGE rebound, with DOGE joining the list of top ten purchased tokens among the 500 biggest BSC whales.

Today, network updates will remain the focal point for investors. Investors should continue monitoring the crypto news wires for events that can move the dial. External market forces will influence, with Fed Chair Powell and the NASDAQ Index likely to provide direction in the afternoon session.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was down 0.40% to $0.0755. A mixed start to the day saw DOGE rise to an early high of $0.0774 before falling to a low of $0.0738.

Technical Indicators

DOGE needs to move through the $0.0761 pivot to target the First Major Resistance Level (R1) at $0.0793 and the Monday high of $0.0796. A return to $0.0770 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 Second Major Resistance Level (R2) at $ $0.0828. The Third Major Resistance Level (R3) sits at $0.0895.

Failure to move through the pivot ($0.0761) would leave the First Major Support Level (S1) at $0.0726 in play. However, barring another extended sell-off, DOGE should avoid sub-$0.0700 and the Second Major Support Level (S2) at $0.0694. The Third Major Support Level (S3) sits at $0.0627.

The EMAs sent a bullish signal, with DOGE sitting above the 100-day EMA, currently at $0.0740. 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 the 200-day EMA ($0.0776) would give the bulls a run at R1 ($0.0793) and $0.0800. However, a fall through the 100-day ($0.0740) and the 50-day ($0.0732) EMAs would bring the Major Support Levels into play.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was down 0.58% to $0.00000864. A bullish start to the day saw SHIB rise to an early high of $0.00000883 before sliding to a low of $0.00000853.

Technical Indicators

SHIB needs to move through the $0.00000882 pivot to target the First Major Resistance Level (R1) at $0.00000907 and the Monday high of $0.00000920. A return to $0.00000900 would signal another bullish 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 Second Major Resistance Level (R2) at $0.00000946. The Third Major Resistance Level (R3) sits at $0.00001010.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000843 in play. However, barring another extended sell-off, SHIB should avoid sub-$0.00000840 and the Second Major Support Level (S2) at $0.00000818.

The Third Major Support Level (S3) sits at $0.00000754.

The EMAs send a bullish signal, with SHIB sitting above the 200-day EMA, currently at $0.00000856. 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 signals were bullish.

A hold above the 200-day EMA ($0.00000856) would support a breakout from R1 ($0.00000907) to target R2 ($0.00000946). However, a fall through the 200-day ($0.00000856) would give the bears a run at the 50-day EMA ($0.00000846) and S1 ($0.00000843). A fall through the 50-day EMA would send a bearish signal.