DOGE Bulls to Target a Return to $0.11 on Twitter and the NASDAQ
- Dogecoin (DOGE) and shiba inu coin (SHIB) had a mixed Monday session, with SHIB bucking the broader market trend, rising by 0.53%.
- China reopening and Twitter news delivered early support, while US economic indicators and the NASDAQ Composite Index weighed.
- The technical indicators are more bullish, signaling further price gains.
On Monday, dogecoin (DOGE) fell by 2.59%. Partially reversing a 4.51% rally from Sunday, DOGE ended the day at $0.1015. Notably, DOGE visited $0.11 for the first time since before the collapse of FTX.
A bullish morning saw DOGE strike a late morning high of $0.1119. DOGE broke through the First Major Resistance Level (R1) at $0.1068 and the Second Major Resistance Level (R2) at $0.1095.
However, a late morning pullback and a bearish afternoon session saw DOGE slide to a low of $0.0993. DOGE briefly fell through the First Major Support Level (S1) at $0.1005 before ending the day at $0.1015.
Shiba inu coin (SHIB) rose by 0.53% on Monday. Following a 1.74% gain on Sunday, SHIB ended the day at $0.00000941.
Tracking DOGE, SHIB surged to a mid-morning high of $0.00001016. SHIB broke through the day’s Major Resistance Levels before a slide to a late low of $0.00000923. However, finding support at the First Major Support Level (S1) at $0.00000923, SHIB bounced back to end the day at $0.00000941.
Twitter News Remains the Driving Force Behind DOGE and SHIB
Twitter rumors continued circulating, driving demand for DOGE and SHIB at the start of the week.
On Tuesday, reports of Twitter working on coins delivered the early session breakout. According to Global Trade Wars,
“The researcher names Jane Wong, who is famous for researching the codes on Twitter, shared what she found about Twitter Coin on her account. After that, Jane Wong’s account was suspended.”
However, US economic indicators weighed on riskier assets, sending the pair into negative territory before late support delivered a bullish SHIB session.
Today, the US economic calendar is on the lighter side. A lack of material stats will leave DOGE and SHIB in the hands of Twitter integration chatter and broader investor sentiment, with the NASDAQ Composite Index a likely influencer.
Dogecoin (DOGE) Price Action
At the time of writing, DOGE was up 0.79% to $0.1023. A bullish start to the day saw DOGE rise from an early low of $0.1014 to a high of $0.1028.
DOGE needs to move through the $0.1042 pivot to target the First Major Resistance Level (R1) at $0.1092 and the Monday high of $0.1119. A return to $0.1050 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 $0.1168. The Third Major Resistance Level (R3) sits at $0.1294.
Failure to move through the pivot ($0.1042) would leave the First Major Support Level (S1) at $0.0966 in play. Barring an extended sell-off, DOGE should avoid sub-$0.0950 and the Second Major Support Level (S2) at $0.0916.
The Third Major Support Level (S3) sits at $0.0790.
The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.1001. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA. The price signals were bullish.
A hold above the 50-day EMA ($0.1001) would support a breakout from R1 ($0.1092) to target R2 ($0.1168). However, a fall through the 50-day EMA ($0.1001) would bring S1 ($0.0966) and the 100-day EMA ($0.0966) into play.
Shiba Inu Coin (SHIB) Price Action
At the time of writing, SHIB was down 0.11% to $0.00000940. A mixed start to the day saw SHIB rise to an early high of $0.00000947 before falling to a low of $0.00000939.
SHIB needs to move through the $0.00000960 pivot to target the First Major Resistance Level (R1) at $0.00000997 and Monday’s high of $0.00001016. A return to $0.0000100 would signal a bullish afternoon session. However, SHIB will likely take its cues from the broader crypto market and the NASDAQ Index.
In the case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00001053. The Third Major Resistance Level (R3) sits at $0.00001146.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000904 in play. Barring an extended sell-off, SHIB should avoid sub-$0.00000900 and the Second Major Support Level (S2) at $0.00000867. The Third Major Support Level (S3) sits at $0.00000774.
The EMAs send a more bullish signal, with SHIB sitting above the 100-day EMA, currently at $0.00000932. This morning, the 50-day EMA converged on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The signals were bullish.
A hold above the 100-day EMA ($0.00000932) would support a breakout from the 200-day EMA ($0.00000963) to bring R1 ($0.000000997) into play. However, a fall through the 100-day EMA ($0.00000932) and the 50-day EMA ($0.00000929) would bring S1 ($0.00000904) into view. A fall through the 50-day EMA would signal an extended sell-off.