DOGE Is Back on the Move Targeting $0.10, with SHIB Hot on Its Tail

Key Insights:

• It was a bullish Friday session, with dogecoin (DOGE) and shiba inu coin (SHIB) leading the top 100.
• Elon Musk’s Twitter (TWTR) acquisition drove demand for DOGE and SHIB, with expectations of a December Fed pivot adding further support.
• The technical indicators are bullish, with DOGE investors eying a return to $0.10.

On Friday, dogecoin (DOGE) rallied by 9.08%. Following a 5.82% gain on Thursday, DOGE ended the day at $0.08386. Notably, DOGE wrapped up the day at the highest level since August 16.

A bearish start to the day saw DOGE fall to an early low of $0.07250. Steering clear of the First Major Support Level (S1) at $0.0706, DOGE rallied to a late afternoon high of $0.08850. DOGE broke through the First Major Resistance Level (R1) at $0.0844 before ending the day at sub-$0.084.

Shiba inu coin (SHIB) jumped by 10.06% on Friday. Reversing a 1.39% loss from Thursday, SHIB ended the day at $0.00001171.

Tracking the broader market, SHIB fell to an early low of $0.00001031. Steering clear of the First Major Support Level (S1) at $0.00001019, SHIB jumped to a late afternoon high of $0.00001221. SHIB broke through the First Major Resistance Level (R1) at $0.00001147 to end the day at $0.00001171.

US economic indicators and corporate earnings provided direction going into the afternoon session. A pickup in US inflationary pressure tested support for the majors before the markets responded to slower wage growth figures.

While market sentiment towards a December Fed pivot was crypto-positive, Elon Musk’s Twitter (TWTR) acquisition continued to drive demand for DOGE and SHIB.

On Friday, the New York Stock Exchange (NYSE) announced the suspension of trading TWTR, citing “merger effective.”

Elon Musk announced the completion of the acquisition, tweeting,

“The bird is freed.”

DOGE and SHIB responded to the news, with DOGE continuing its run at $0.10 and SHIB targeting a return to $0.000020. Investors expect Elon Musk to support the use of DOGE and SHIB for payments across the Twitter platform.

This morning, the bulls were out in force. Momentum supports another sizeable gain, with retail investors looking for a meme coin windfall.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 6.30% to $0.089145. A mixed start to the day saw DOGE fall to an early low of $0.08289 before rallying to a high of $0.08981.

Technical Indicators

DOGE needs to avoid the $0.0816 pivot to target the First Major Resistance Level (R1) at $0.0907. A move through the morning high of $0.08981 would signal another breakout session.

In the case of an extended crypto market rally, DOGE should test the Second Major Resistance Level (R2) at $0.0976 and resistance at $0.010. The Third Major Resistance Level (R3) sits at $0.1136.

A fall through the pivot would bring the First Major Support Level (S1) at $0.0747 into play. However, barring an extended crypto sell-off, DOGE should steer clear of sub-$0.0700 and the Second Major Support Level (S2) at $0.0656. The Third Major Support Level (S3) sits at $0.0496.

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.07012. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening to the 200-day EMA. The price signals were bullish.

Avoiding the 50-day EMA ($0.06561) would support a breakout from R1 ($0.0907) to target R2 ($0.0976). However, a fall through S1 ($0.0747) would bring the 50-day EMA ($0.07012) into view. The 200-day EMA sits at $0.06368.

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 2.31% to $0.00001198. A mixed start to the day saw SHIB fall to an early low of $0.00001154 before rising to a high of $0.00001204.

Technical Indicators

SHIB needs to avoid the $0.00001141 pivot to target the First Major Resistance Level (R1) at $0.00001251. A breakout from the Friday high of $0.00001221 would signal another bullish session.

A broad-based crypto rally would see SHIB test the Second Major Resistance Level (R2) at $0.00001331. The Third Major Resistance Level (R3) sits at $0.00001521.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001061 into play. Barring an extended sell-off, SHIB should avoid sub-$0.0000100 and the Second Major Support Level (S2) at $0.00000951.

The Third Major Support Level (S3) sits at $0.00000761.

The EMAs send a bullish signal, with SHIB sitting above the 200-day EMA, currently at $0.00001072. This morning, the 50-day EMA closed in on the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The signals were bullish.

A bullish cross of the 50-day EMA through the 200-day EMA would support a SHIB breakout from R1 ($0.00001251) to target R2 ($0.00001331). However, a fall through the 200-day EMA ($0.00001072) would bring the 50-day EMA ($0.00001061) and S1 ($0.00001061) into play.