DOGE Bulls to Target $0.0950 on Bullish Meme Coin Sentiment

Published: Jan 24, 2023, 02:59 UTC•5min read

After a mixed Monday, DOGE an SHIB were on the move this morning as investors await network updates to support another breakout session.

Mentioned in Article

Dogecoin

$0.07515

+0.00%

Shiba Inu

$0.0000106

-0.41%

HOOD

$9.47

+4.07%

DOGE and SHIB - technical analysis - FX Empire

Key Insights:

Dogecoin (DOGE) and shiba inu coin (SHIB) had a mixed session on Monday, with DOGE rising for the fourth session in five.
Investors responded further to the news of Robinhood planning to support DOGE.
However, the technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) rose by 0.11% on Monday. Following a 4.62% rally on Sunday, DOGE ended the day at $0.0885.

A bullish start to the day saw DOGE rise to an early high of $0.0915. Coming up short of the First Major Resistance Level (R1) at $0.0931, DOGE slid to an early afternoon low of $0.0863. However, steering clear of the First Major Support Level (S1) at $0.0840, DOGE bounced back to end the day at $0.0885.

Shiba inu coin (SHIB) fell by 0.17% on Monday. Partially reversing a 1.26% gain from Sunday, SHIB ended the day at $0.00001199.

A bullish start to the day saw SHIB strike an early high of $0.00001221. Coming up short of the First Major Resistance Level (R1) at $0.00001248, SHIB slid to an early afternoon low of $0.00001179. However, steering clear of the First Major Support Level (S1) at $0.00001156, SHIB revisited $0.00001213 before falling back into the red.

Robinhood Listing News Delivered Further DOGE Price Support

There were no updates from the Dogecoin Foundation or the Shibarium Network to provide price direction on Monday. The lack of updates left investors to consider the outlook for the respective meme coins.

Last week’s news of Robinhood (HOOD) planning to add DOGE to its newly launched crypto wallet continued providing support. However, SHIB struggled as investors waited for updates on when the Shibarium upgrade will take place and more details relating to transaction speeds.

Bullish sentiment supported increased demand from Dogecoin whales, as the whales considered the Robinhood announcement. Dogecoin Whale Alert provided the latest whale activity that highlighted sizeable wallet-wallet movements.

Today, network updates will remain the key drivers. However, broader crypto market sentiment will likely influence.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.69% to $0.0900. A mixed start to the day saw DOGE fall to an early low of $0.0880 before rising to a high of $0.0900.

DOGEUSD 240123 Daily Chart

Technical Indicators

DOGE needs to avoid a fall through the $0.0888 pivot to target the First Major Resistance Level (R1) at $0.0912 and the Monday high of $0.0915. A return to $0.0910 would signal another bullish 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 rally, the Second Major Resistance Level (R2) at $0.0940 and $0.950 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0992.

A fall through the pivot ($0.0888) would bring the First Major Support Level (S1) at $0.0860 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0850 and the Second Major Support Level (S2) at $0.0836. The Third Major Support Level (S3) sits at $0.0784.

DOGE resistance levels in play above the pivot.

DOGEUSD 240123 Hourly Chart

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0851. This morning, the 50-day EMA pulled further away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.

A hold above S1 ($0.0860) and the 50-day EMA ($0.0851) would support a breakout from R1 ($0.0912) to bring R2 ($0.0940) and $0.0950 into view. However, a fall through S1 ($0.0860) and the 50-day EMA ($0.0851) would give the bears a run at S2 ($0.0836) and the 100-day EMA ($0.0826).

A fall through the 50-day EMA would signal a shift in sentiment.

DOGEUSD 240123 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.83% to $0.00001209. A mixed start to the day saw SHIB fall to an early low of $0.00001193 before rising to a high of $0.00001209.

SHIBUSD 240123 Daily Chart

Technical Indicators

SHIB needs to avoid a fall through the $0.00001200 pivot to target the First Major Resistance Level (R1) at $0.00001220 and the Monday high of $0.00001221. A return to $0.00001220 would signal an extended 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, SHIB could test the Second Major Resistance Level (R2) at $0.00001242 and resistance at $0.00001250. The Third Major Resistance Level (R3) sits at $0.00001284.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001178 into play. However, barring an extended sell-off, SHIB should avoid sub-$0.00001150. The Second Major Support Level (S2) at $0.00001158 should limit the downside.

The Third Major Support Level (S3) sits at $0.00001116.

SHIB resistance levels in play above the pivot.

SHIBUSD 240123 Hourly Chart

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001147. The 50-day EMA pulled further away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A hold above the Major Support Levels and the 50-day EMA ($0.00001147) would support a breakout from R1 ($0.00001220) to target R2 ($0.00001242) and $0.00001250. However, a fall through S1 ($0.00001178) would give the bears a run at S2 ($0.00001158) and the 50-day EMA ($0.00001147). A fall through the 50-day would signal a shift in sentiment.