DOGE Bulls to Target $0.0950 as SHIB Eyes a Return to $0.000010

Published: Nov 17, 2022, 02:07 UTC•5min read

DOGE and SHIB joined the broader market in the red on Wednesday, with the NASDAQ Index and Genesis news sending the pair into the red.

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Key Insights:

Dogecoin (DOGE) and shiba inu coin (SHIB) saw a two-day winning streak end on Wednesday.
While updates on the Binance recovery fund cushioned the fall, news of Genesis freezing redemptions weighed.
The technical indicators remain bearish, with the EMAs signaling further downside.

On Wednesday, dogecoin (DOGE) fell by 1.72%. Reversing a 1.52% gain from Tuesday, DOGE ended the day at $0.0856. Notably, DOGE ended the day at sub-$0.10 for the ninth consecutive session.

A bullish start to the day saw DOGE rise to a mid-morning high of $0.0911. DOGE broke through the First Major Resistance Level (R1) at $0.0894 before sliding to a low of $0.0832. DOGE briefly fell through the First Major Support Level (S1) at $0.0847 before wrapping up the day at $0.0856.

Shiba inu coin (SHIB) fell by 1.19% on Wednesday. Partially reversing a 1.76% gain from Tuesday, SHIB ended the day at $0.00000913.

Tracking the broader market, SHIB rose to a mid-morning high of $0.00000965. SHIB broke through the First Major Resistance Level (R1) at $0.00000954 before sliding to a low of $0.00000897. Testing support at the First Major Support Level (S1) at $0.00000896, SHIB found late support to wrap up the day at $0.00000913.

SHIB news failed to provide price support. On Wednesday, Travala.com announced that it would accept SHIB for The Palm bookings, saying,

“Hey SHIB Army, check out the W Hotels Dubai – The Palm. Book this 5-star luxury hotel on Travala with SHIB and enjoy the private beach with views of the city skyline and the Arabian Gulf.”

News of Genesis Trading suspending redemptions and new loan originations reignited contagion fear, sending DOGE and SHIB into the red.

There were no Dogecoin network updates to distract investors, with Elon Musk and Twitter news providing little support.

For the day ahead, updates on Twitter, the Binance recovery fund, and contagion news will likely remain areas of interest.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.17% to $0.0866. A mixed start to the day saw DOGE fall to an early low of $0.0853 before rising to a high of $0.0871.

DOGEUSD 171122 Daily Chart

Technical Indicators

DOGE needs to avoid a fall through the $0.0866 pivot to target the First Major Resistance Level (R1) at $0.0901 and the Wednesday high of $0.0911. A return to $0.0900 would signal a bullish afternoon session.

However, US economic indicators and 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 the Second Major Resistance Level (R2) at $0.0945 and $0.0950. The Third Major Resistance Level (R3) sits at $0.1024.

A fall through the pivot ($0.0866) would bring the First Major Support Level (S1) at $0.0822 into play. However, barring another extended sell-off, DOGE should avoid sub-$0.0800 and the Second Major Support Level (S2) at $0.0787.

The Third Major Support Level (S3) sits at $0.0708.

DOGE resistance levels in play above the pivot.

DOGEUSD 171122 Hourly Chart

The EMAs sent a bearish signal, with DOGE sitting below the 200-day EMA, currently at $0.0893. The 50-day EMA converged on the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bearish.

A move through the 200-day EMA ($0.0893) would bring R1 ($0.0901) and the 50-day EMA ($0.0902) into play. However, failure to move through the 200-day EMA ($0.0893) would bring S1 ($0.0822) into view. A bearish cross of the 50-day EMA through the 200-day would increase selling pressure and give the bears a look at sub-$0.0800.

DOGEUSD 171122 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.44% to $0.00000917. A mixed start to the day saw SHIB fall to an early low of $0.00000911 before rising to a high of $0.00000920.

SHIBUSD 171122 Daily Chart

Technical Indicators

SHIB needs to move through the $0.00000925 pivot to target the First Major Resistance Level (R1) at $0.00000953 and the Wednesday high of $0.00000965. A return to $0.00000950 would signal a bullish afternoon session. However, any further contagion news would test buyer appetite.

In case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000993 and resistance at $0.0000100. The Third Major Resistance Level (R3) sits at $0.00001061.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000885 in play. Barring another extended sell-off, SHIB should avoid sub-$0.00000880 and the Second Major Support Level (S2) at $0.00000857.

The Third Major Support Level (S3) sits at $0.00000789.

SHIB support levels in play below the pivot.

SHIBUSD 171122 Hourly Chart

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000969. This morning, the 50-day EMA slid back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00000953) would give the bulls a run at the 50-day EMA ($0.00000969) and R2 ($0.00000993). However, failure to move through the 50-day EMA would leave SHIB under pressure.