DOGE Eyes a Return to $0.0630 to Target $0.0650, with SHIB on the Move

Key Insights:

• Dogecoin (DOGE) saw red for a third consecutive session on Monday, while shiba inu coin (SHIB) enjoyed a bullish session.
• Burn rates and whale holdings provided SHIB with much-needed support.
• The technical indicators are mixed, suggesting an imminent move.

On Monday, dogecoin (DOGE) slipped by 0.07%. Following a 3.09% slide on Sunday, DOGE ended the day at $0.06112.

A choppy morning session saw DOGE rise to an early morning high of $0.06188. Coming up short of the First Major Resistance Level (R1) at $0.0634, DOGE fell to a mid-morning low of $0.05975. Steering clear of the First Major Support Level (S1) at $0.0595, DOGE reversed the losses to end the day at $0.06112.

Shiba Inu Coin (SHIB) rose by 0.91% on Monday. Partially reversing a 2.13% decline from Sunday, SHIB ended the day at $0.00001112.

Tracking the broader market, SHIB fell to a mid-morning low of $0.00001079. Steering clear of the First Major Support Level (S1) at $0.0000107, SHIB rallied to a late high of $0.00001124. However, falling short of the First Major Resistance Level (R1) at $0.0000114, SHIB eased back to end the day at $0.00001112.

DOGE whale numbers shifted sentiment through the weekend and into the Monday session.

According to intotheblock, the number of DOGE whales was down 11.11% over the last 30-days. The number of DOGE whales stood at eight, accounting for 48.83% of 66.52 billion DOGE.

While negative over the month, the number of accounts holding between 100 million and 1 billion DOGE increased from 123 (Sept-23) to 125 (Sept-26), which was DOGE positive. The increase should deliver DOGE price support.

On January 1, whale holdings stood at 52.31 billion DOGE compared with 66.52 billion on Monday. September 26.

Burn rates were of greater significance for SHIB, alongside the latest ETH Whale SHIB holding numbers.

According to WhaleStats, the top 100 ETH whales held $129,747,147 SHIB as of September 21 before rising to $142,393,865 on September 24.

SHIB burn rates also delivered a bullish Monday session, though the ShibBurn rate is down 77.54% over the last 24 hours.

Whale statistics, burn rates, adoption news, and broader crypto market sentiment will remain the key drivers, with Elon Musk unlikely to deliver any supportive tweets.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 2.27% to $0.06251. A mixed start to the day saw DOGE fall to an early low of $0.06098 before striking a high of $0.06282.

DOGE broke through the First Major Resistance Level (R1) at $0.0621.

Technical Indicators

DOGE needs to hold above R1 and the $0.0609 pivot to retarget the morning high of $0.06282 and the Second Major Resistance Level (R2) at $0.0630.

Bullish sentiment across the crypto market would support a breakout from R2. In an extended crypto rally, DOGE should test the Third Major Resistance Level (R3) at $0.0652.

A fall through R1 and the pivot would bring the First Major Support Level (S1) at $0.0600 into play. Barring another extended sell-off, DOGE should avoid sub-$0.0600 and the Second Major Support Level (S2) at $0.0588. The Third Major Support Level (S3) sits at $0.0567.

The EMAs sent a bullish signal, with DOGE sitting above the 100-day EMA, currently at $0.06139. Today, the 50-day EMA converged on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bullish signals.

A bullish cross of the 50-day EMA through the 100-day EMA would support a breakout from the 200-day EMA ($0.06262) and R2 ($0.0630). However, a slide through the 100-day and 50-day EMAs would give the bears a run at S1 ($0.600).

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 2.16% to $0.00001136.

A bullish start to the day saw SHIB rise from an early low of $0.00001111 to a high of $0.00001155. SHIB broke through the First Major Resistance Level (R1) at $0.0000113 and the Second Major Resistance Level (R2) at $0.0000115 before easing back to sub-$0.0000114.

Technical Indicators

SHIB needs to hold above R1 and the $0.0000111 pivot to retarget the Second Major Resistance Level (R2) at $0.0000115 and the morning high of $0.00001155.

SHIB would need broad-based crypto support to break out from the morning high. In the case of an extended rally, SHIB should test the Third Major Resistance Level (R3) at $0.0000120.

A fall through R1 and the pivot would bring the First Major Support Level (S1) at $0.0000109 into play. Barring an extended sell-off, SHIB should avoid sub-$0.0000105. The Second Major Support Level (S2) at $0.0000106 would likely limit the downside.

The Third Major Support Level (S3) sits at $0.0000102.

The EMAs send a bearish signal, with SHIB sitting below the 100-day EMA, currently at $0.00001148. This morning, the 50-day EMA narrowed to the 100-day EMA, with the 100-day EMA flattening on the 200-day EMA. The signals were bullish.

A move through 100-day EMA ($0.00001148) and R2 ($0.0000115) would give the bulls a run at the 200-day EMA ($0.00001187) and R3 ($0.0000120). However, a fall through the 50-day EMA ($0.00001119) would give the bears a run at S1 ($0.0000109).