DOGE Eyes $0.100 on Twitter News While SHIB Lags on Shibarium Silence

Key Insights:

• Dogecoin (DOGE) and shiba inu coin (SHIB) joined the broader crypto market in the red on Monday, with DOGE ending a five-day winning streak.
• Fed Fear and the NASDAQ Index weighed on the broader crypto market.
• However, the technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) fell by 1.78%. Partially reversing a 2.27% gain from Sunday, DOGE ended the day at $0.0884.

A mixed start to the day saw DOGE rise to an early high of $0.0929. DOGE broke through the First Major Resistance Level (R1) at $0.0916 before sliding to a late low of $0.0847. DOGE briefly fell through the First Major Support Level (S1) at $0.0878 and the Second Major Support Level (S2) at $0.0857 before a partial recovery to end the day at $0.0884.

Shiba inu coin (SHIB) slid by 4.56% on Monday. Reversing a 2.12% gain from Sunday, SHIB ended the day at $0.00001152.

Tracking the broader market, SHIB rose to an early high of $0.00001214. Coming up short of the First Major Resistance Level (R1) at $0.00001224, SHIB slid to a late low of $0.00001120. SHIB fell through the First Major Support Level (S1) at $0.00001181 and the Second Major Support Level (S2) at $0.00001156 to end the day at $0.00001152.

Fed Fear Overshadows Bullish Sentiment toward the Shibarium Upgrade

On Monday, Fed Fear hit the global financial markets. While the markets expect a 25-basis point interest rate hike on Wednesday, fear of a hawkish Fed Chair Powell press conference weighed on riskier assets. The NASDAQ Index slid by 1.96%, with the broader crypto market tracking the NASDAQ into the red.

There were no updates from the Shibarium Network on the Shibarium upgrade date, with the Dogecoin Foundation also silent. However, investors remain bullish about the Shibarium upgrade and increased DOGE utilization despite the bearish session.

This morning, news of Elon Musk pushing for Twitter’s payment platform to support crypto delivered a bullish start to the day.

For the day ahead, investors should look out for Shibarium Network updates and Twitter plans for DOGE. While FTX and Genesis news will provide direction, US economic indicators and the NASDAQ will draw attention this afternoon.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 3.05% to $0.0911. A bullish start to the day saw DOGE rise from an early low of $0.0881 to a high of $0.0950. DOGE briefly broke through the First Major Resistance Level (R1) at $0.0926.

Technical Indicators

DOGE needs to avoid a fall through the $0.0887 pivot to retarget the First Major Resistance Level (R1) at $0.0926 and the morning high of $0.0950. A return to $0.0930 would signal a bullish DOGE 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 $0.0969 would likely come into play. The Third Major Resistance Level (R3) sits at $0.1051.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0844 into play. However, barring another extended sell-off, DOGE should avoid sub-$0.0840 and the Second Major Support Level (S2) at $0.0805. The Third Major Support Level (S3) sits at $0.0723.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0875. This morning, the 50-day EMA moved 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 the 50-day EMA ($0.0875) would support a move through R1 ($0.0926) to bring R2 ($0.0969) into view. However, a fall through the 50-day EMA ($0.0875) would give the bears a run at the 100-day EMA ($0.0855) and S1 ($0.0844). A fall through the 50-day EMA would deliver a bearish signal.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.56% to 0.00001170. A mixed start to the day saw SHIB fall to an early low of $0.00001144 before rising to a high of $0.00001199.

Technical Indicators

SHIB needs to avoid a fall through the $0.00001162 pivot to target the First Major Resistance Level (R1) at $0.00001204 and the Monday high of $0.00001214. A return to $0.00001200 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 $0.00001256 and resistance at $0.000013. The Third Major Resistance Level (R3) sits at $0.00001350.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001110 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00001100 and the Second Major Support Level (S2) at $0.00001068.

The Third Major Support Level (S3) sits at $0.00000974.

The EMAs send a bullish signal, with SHIB sitting at the 50-day EMA, currently at $0.00001169. The 50-day EMA moved away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A breakout from the 50-day EMA ($0.00001169) would support a move from R1 ($0.00001204) to target R2 ($0.00001256) and $0.000013. However, a fall through the 50-day EMA ($0.00001169) would give the bears a run at the 100-day EMA ($0.00001129) and S1 ($0.00001110). A fall through the 50-day would send a bearish signal.